2005-01-12                     House Journal                      Page 0053
HB 63                                                                                             
HOUSE BILL NO. 63 by Representatives Gara, Kerttula, Croft, and                                     
Guttenberg, entitled:                                                                               
                                                                                                    
     "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 House Special Committee on                              
Ways & Means, the House Special Committee on Oil & Gas and the                                      
Resources and Finance Committees.