Legislature(2003 - 2004)

2004-03-29 House Journal

Full Journal pdf

2004-03-29                     House Journal                      Page 3122
HB 441                                                                                            
The Speaker added a House Special Committee on Oil & Gas referral                                   
to follow the House Special Committee on Ways & Means referral                                      
with further referrals to the Resources and Finance Committees for the                              
    SPONSOR SUBSTITUTE FOR HOUSE BILL NO. 441                                                       
    "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."                                                           
HB 441 is in the House Special Committee on Ways & Means.