Legislature(2005 - 2006)
2005-01-12 Senate JournalFull Journal pdf
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.