2004-02-16                     Senate Journal                      Page 2175
SB 321                                                                                            
SPONSOR SUBSTITUTE FOR SENATE BILL NO. 321 BY                                                       
SENATORS FRENCH, Hoffman, Elton, 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 Resources and Finance                                   
Committees.