Monday, January 31, 2011

Professor: NM loopholes for drillers not paying off

(KSFR) -

"A UNM professor says New Mexico's tax breaks and other loopholes for oil and gas are not producing the revenues that lawmakers thought they would. Prof. Kim Sovig has told the House energy committee that royalties from oil and gas revenues have declined over the past six years while at the same time the amounts that drillers can deduct from their obligations to the state have more than doubled. The testimony comes as Rep. Brian Egolf of Santa Fe holds a hearing to find out if state incentives are producing revenues and if the state's environmental rules are driving the drilling business to other states." KSFR>>>>

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