Legislation increasing the maximum royalty rates charged for prime New Mexico oil and gas land is heading to the House after passing the Senate chamber Saturday on a 21-15 vote.
A similar effort passed the House last year but couldn't make it through the Senate. This year's bill, Senate Bill 23, takes a slightly different approach by limiting a proposed 25% royalty rate cap geographically to premium land for oil and gas exploration -- the Permian Basin.
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