The New Mexico legislature seems intent on offering a $12,000 tax credit for oil and gas operators in the state.
Democrats joined a Republican-sponsored House Bill 350 which would provide the tax credit to those operators who install gas-capture devices reported the Carlsbad Current-Argus.
If the tax credit is signed into law, it would apply to all of the nearly 110,000 wells in New Mexico and create a nearly $1.3 billion tax break for the industry.
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