Legislature(2003 - 2004)

2004-02-16 House Journal

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2004-02-16                     House Journal                      Page 2592
HB 441                                                                                            
SPONSOR SUBSTITUTE FOR 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                               
     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."                                                          
was read the first time and referred to the House Special Committee on                              
Ways & Means and the Resources and Finance Committees.