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SANTA FE, NM – House Bill 398, the “Raise the Rate” Bill, has been scheduled for consideration by the House Commerce and Economic Development Committee on Friday, February 15th at 1:30 pm. Sponsored by Representative Derrick Lente (D-65), the bill seeks to raise the royalty rate on the top performing oil and gas leases on state trust lands to ensure more money is made for New Mexico schools and hospitals.

House Bill 398, which would mirror Texas in setting the royalty rate for the best oil and gas tracks at 25%, is estimated to generate an additional $1.2 to $2 billion for the Land Grant Permanent Fund beneficiaries over the course of 30 years.

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