Legislature(2005 - 2006)
2005-01-11 Senate Journal
Full Journal pdf2005-01-11 Senate Journal Page 0027 SB 38 SENATE BILL NO. 38 BY SENATOR 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, 2005-01-11 Senate Journal Page 0028 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, and to exempt certain kinds of oil from application of the adjustments; requiring separate accounting of the proceeds of the tax as amended, and authorizing appropriation of a portion of tax proceeds subject to price adjustment to support state shared revenue programs; and providing for an effective date." (Prefile released 01/07/05) was read the first time and referred to the Resources and Finance Committees.