N.M. Admin. Code § 19.15.6.11 - STRIPPER WELL TAX INCENTIVE
A.
Qualification of stripper well properties for the stripper well incentive tax
rates in NMSA 1978, Sections
7-29-4 and
7-31-4, requires division
certification. The division shall certify stripper well properties for calendar
year 1998 no later than June 30, 1999 and no later than June 1 of each
succeeding year for the preceding calendar year.
B.
19.15.6.11 NMAC applies to a
property that the division certifies as a stripper well property after June 30,
1999.
C. Certification, notification
and hearing.
(1) The division shall determine
which wells qualify as stripper well properties.
(2) Upon certification of properties as
stripper well properties, the division shall notify the operator and the
secretary of taxation and revenue of that certification.
(3) The operator shall notify the interest
owners of the certification of the property as a stripper well
property.
(4) An operator may make
a written request that the division reevaluate a property for stripper well
status.
(5) If the division denies
stripper well certification to a property, the division upon the operator's
request shall set the matter for hearing.
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