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

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

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