Bill History/Action for 23rd Legislature
|BILL: HB 441
||SHORT TITLE: MODIFICATION OF OIL SEVERANCE TAX |
|BILL VERSION: SSHB 441 |
|CURRENT STATUS: (H) W&M ||STATUS DATE: 02/16/04|
| THEN O&G, RES, FIN|
|SPONSOR(S): REPRESENTATIVE(S) GARA, Croft, Guttenberg, Kerttula|
"An Act amending the oil and gas properties production (severance) tax as it relates to oil to require payment of a tax of at least five percent of the gross value at the point of production before any price adjustments authorized by this Act, to modify the mechanism for calculating the effective tax rate, to provide for adjustments to the tax when the prevailing value of the oil exceeds $20 per barrel or falls below $16 per barrel and to limit the effect of the adjustments, to exempt certain kinds of oil from application of the adjustments, and to waive and defer payment of portions of the tax on oil when its prevailing value falls below $10 per barrel; and providing for an effective date."