2006-02-17                     Senate Journal                      Page 2236
SB 292                                                                                            
SPONSOR SUBSTITUTE FOR SENATE BILL NO. 292 BY                                                       
SENATORS FRENCH, Ellis, Elton, Kookesh, entitled:                                                   
                                                                                                    
          "An Act levying a net profits tax on the production of                                    
          oil, authorizing a tax credit for qualifying exploration                                  
          costs associated with the exploration for and                                             
          development of oil, providing relief from the tax                                         
          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; and repealing the                                     
          currently levied properties production (severance) tax                                    
          as it applies to oil; and providing for an effective                                      
          date."                                                                                    
                                                                                                    
was read the first time and referred to the Resources and Finance                                   
Committees.