2004-02-05                     House Journal                      Page 2512
HB 441                                                                                            
HOUSE BILL NO. 441 by Representatives Gara, Croft, Guttenberg,                                      
and Kerttula, entitled:                                                                             
                                                                                                    
     "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 after                         
     application of the economic limit factor and before any                                        
     adjustments authorized by this Act, to provide for adjustments to                              
     the tax when the prevailing value of the oil either exceeds or falls                           
     below specified limits and to limit the effect of the adjustments, to                          
     exempt certain kinds of oil from application of the adjustments, to                            
     waive the payment of a portion of the tax on oil when its                                      
     prevailing value falls below specified limits, and to defer the                                
     payment of a portion of the tax on oil when its prevailing value                               
     falls below specified limits; and providing for an effective date."                            
                                                                                                    
was read the first time and referred to the House Special Committee on                              
Ways & Means, the House Special Committee on Oil & Gas and the                                      
Resources and Finance Committees.