Are there any tax credits related to the oil and gas emergency school tax program?
A taxpayer may qualify for a credit against current emergency school taxes if the products are: – severed from Jicarilla Apache tribal land. This credit is identified as the Jicarilla Apache tribal capital improvement tax credit (Section 7-31-27 NMSA 1978); or – severed from Indian tribal land or imposed on the privilege of severing products from Indian tribal land. This credit is called the intergovernmental production tax credit.
