2004-02-11                     Senate Journal                      Page 2141
SB 321                                                                                            
SENATE BILL NO. 321 BY SENATORS FRENCH, Hoffman,                                                    
entitled:                                                                                           
                                                                                                    
      "An Act amending the oil and gas properties production                                        
      (severance) tax as it relates to oil to require payment of a                                  
      tax of at least five percent of the gross value at the point                                  
      of production after application of the economic limit                                         
      factor and before any adjustments authorized by this                                          
      Act, to provide for adjustments to the tax when the                                           
      prevailing value of the oil either exceeds or falls below                                     
      specified limits and to limit the effect of the adjustments,                                  
      to exempt certain kinds of oil from application of the                                        
      adjustments, to waive the payment of a portion of the tax                                     
      on oil when its prevailing value falls below specified                                        
      limits, and to defer the payment of a portion of the tax                                      
      on oil when its prevailing value falls below specified                                        
      limits; and providing for an effective date."                                                 

2004-02-11                     Senate Journal                      Page 2142
was read the first time and referred to the Resources and Finance                                   
Committees.