HB 111-OIL & GAS PRODUCTION TAX;PAYMENTS;CREDITS                                                                    
                                                                                                                                
2:58:24 PM                                                                                                                    
                                                                                                                                
CO-CHAIR  JOSEPHSON announced  that the  final order  of business                                                               
would be HOUSE BILL NO. 111, "An  Act relating to the oil and gas                                                               
production tax,  tax payments, and credits;  relating to interest                                                               
applicable  to  delinquent  oil   and  gas  production  tax;  and                                                               
providing for an effective date."                                                                                               
                                                                                                                                
[Although stated  on the recording Co-Chair  Josephson handed the                                                               
gavel to Co-Chair Tarr, Co-Chair Josephson retained the gavel.]                                                                 
                                                                                                                                
REPRESENTATIVE BIRCH referred  to HB 111 and  asked whether there                                                               
is a  signed signature sheet to  advance the bill as  a committee                                                               
bill.                                                                                                                           
                                                                                                                                
CO-CHAIR TARR said the matter was dealt with on the House floor.                                                                
                                                                                                                                
REPRESENTATIVE  BIRCH restated  his  request for  a  copy of  the                                                               
signature  sheet,  noting  that  five signatures  would  imply  a                                                               
majority but his concern centers on consensus.                                                                                  
                                                                                                                                
CO-CHAIR TARR  said a copy could  be provided.  She  informed the                                                               
committee  there would  be  a  brief introduction  of  HB 111  to                                                               
provide the  committee with an  opportunity to preview  the bill,                                                               
and have ample time to prepare for hearings next week.                                                                          
                                                                                                                                
REPRESENTATIVE  JOHNSON read  from  a  document provided  1/18/17                                                               
entitled  House  Resources   Bill  Hearing  Request  Requirements                                                               
[document not  provided], and inquired  as to whether there  is a                                                               
bill packet available in order  for the committee to follow along                                                               
during the introduction of the bill.                                                                                            
                                                                                                                                
CO-CHAIR TARR  stated the committee  would not be working  on the                                                               
bill today,  the intent  of the  introduction of  the bill  is to                                                               
provide  the committee  several days  to  review the  bill.   She                                                               
related her  previous experience in  this regard and  advised all                                                               
materials  will  be available  online  to  the committee  and  to                                                               
members of the public.                                                                                                          
                                                                                                                                
REPRESENTATIVE JOHNSON remarked:                                                                                                
                                                                                                                                
     I object because  what we were given  in the memorandum                                                                    
     regarding   the,  a,   discussion   of  scheduling   in                                                                    
     committee [has] not been met.                                                                                              
                                                                                                                                
3:02:43 PM                                                                                                                    
                                                                                                                                
CO-CHAIR  TARR advised  it is  the  prerogative of  the chair  to                                                               
schedule and  introduce bills.   Directing  attention to  HB 111,                                                               
she listed  the major features of  the bill as follows:   reduces                                                               
the net  operating losses from  35 percent to 15  percent; limits                                                               
the  abilities  of companies  to  earn  net operating  losses  to                                                               
companies producing  less than 15,000  barrels per day;  caps the                                                               
annual to  35 million from  70 million; limits  repurchases after                                                               
2018; raises  the minimum  tax from  4 percent  to 5  percent and                                                               
hardens the floor; addresses the  interest rate; reduces the per-                                                               
barrel credit.                                                                                                                  
                                                                                                                                
[HB 111 was held over]