Legislature(2015 - 2016)
2016-04-09 House Journal
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Full Journal pdf2016-04-09 House Journal Page 2149 repealing the limitation on the application of credits against tax liability for lease expenditures incurred before January 1, 2011; repealing provisions related to the monthly installment payments for estimated tax for oil and gas produced before January 1, 2014; repealing the oil and gas production tax credit for qualified capital expenditures and certain well expenditures; repealing the calculation for certain lease expenditures applicable before January 1, 2011; making conforming amendments; and providing for an effective date." and recommends it be replaced with: CS FOR HOUSE BILL NO. 247(FIN) "An Act relating to interest applicable to delinquent tax; relating to the oil and gas production tax, tax payments, and credits; relating to the minimum oil and gas production tax; relating to refunds for the gas storage facility tax credit, the liquefied natural gas storage facility tax credit, and the qualified in-state oil refinery infrastructure expenditures tax credit; relating to the assessment of an oil and gas production tax imposed; relating to oil and gas lease expenditures and production tax credits for municipal entities; relating to a bond or cash deposit required for an oil or gas business; establishing a legislative working group to study the tax structure for oil and gas produced south of 68 degrees North latitude; and providing for an effective date." The report was signed by Representatives Neuman and Thompson, Co-chairs, with the following individual recommendations: Do pass (1): Thompson Do not pass (4): Pruitt, Wilson, Kawasaki, Gattis No recommendation (2): Saddler, Neuman Amend (4): Gara, Guttenberg, Edgmon, Munoz The following fiscal note(s) apply to CSHB 247(FIN): 5. Zero, Dept. of Natural Resources 6. Fiscal, Dept. of Revenue HB 247 is on today's calendar.