2005-01-12                     Senate Journal                      Page 0038
SB 50                                                                                             
SENATE BILL NO. 50 BY SENATOR FRENCH, entitled:                                                     
                                                                                                    
                                                                                                    

2005-01-12                     Senate Journal                      Page 0039
      "An Act relating to the oil and gas properties production                                     
      (severance) tax as it applies to oil; establishing a                                          
      minimum rate of tax for certain fields of five percent;                                       
      providing for an adjustment to increase the tax collected                                     
      when oil prices exceed $20 per barrel and to reduce the                                       
      tax collected when oil prices fall below $16 per barrel;                                      
      and providing for relief from the tax when the price per                                      
      barrel is low or when the taxpayer demonstrates that a                                        
      reduction in the tax is necessary to establish or                                             
      reestablish production from an oil field or pool that                                         
      would not otherwise be economically feasible."                                                
                                                                                                    
was read the first time and referred to the Resources and Finance                                   
Committees.