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  3. Are there any tax credits related to the oil and gas emergency school tax program?

Are there any tax credits related to the oil and gas emergency school tax program?

A taxpayer may qualify for a credit against current emergency school taxes if the products are:

Severed from Jicarilla Apache tribal land. This credit is identified as the Jicarilla Apache tribal capital improvement tax credit (Section 7-31-27 NMSA 1978); or
Severed from Indian tribal land or imposed on the privilege of severing products from Indian tribal land. This credit is called the intergovernmental production tax credit.