1. All NM Taxes
  2. Frequently Asked Questions
  3. Are there any tax credits related to the oil and gas ad valorem production tax program?

Are there any tax credits related to the oil and gas ad valorem production tax program?

A taxpayer may qualify for a credit against current ad valorem production taxes if the products are severed from Indian tribal land or if the tax is imposed on the privilege of severing products from Indian tribal land. This credit is called the intergovernmental production tax credit.