Note: This excerpt is from an article that originally appeared in the Carlsbad Current-Argus.
New Mexican householders saved up to $1,100 on their taxes last year, thanks to activities conducted on State Trust land – mostly oil and gas and agricultural operations.
A recent study from New Mexicans for Economic Prosperity (NM4EP) titled “Prosperity for the Public: State Lands and the New Mexico Economy,” pointed to a record $852,2 million in revenue generated to the State’s Land Grant Permanent Fund and Land Maintenance Fund from 9 million acres of State Trust land in 2018.
Both funds contributed up to $3.5 billion in the last five years, records show, and $6.5 billion in the last decade.
Oil and gas developments accounted for 93.5 percent of the revenue, despite less than a quarter of State Trust lands leased for such operations, read the study.
Pipeline rights-of-way alone generated $15.4 million in state revenue last year.
“The economic activities that take place on our state trust lands are an important source of jobs in multiple industries from agriculture and energy to mining and outdoor recreation,” said Kyler Nerison, executive director of NM4EP.