Legislature(2005 - 2006)

2006-02-03 House Journal

Full Journal pdf

2006-02-03                     House Journal                      Page 2419
HB 63                                                                                             
The House Special Committee on Ways & Means has considered:                                         
    HOUSE BILL NO. 63                                                                               
    "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                                      
The report was signed by Representative Weyhrauch, Chair, with the                                  
following individual recommendations:                                                               
Do pass (1):  Gruenberg                                                                             
No recommendation (4):  Wilson, Seaton, Samuels, Weyhrauch                                          
The following fiscal note(s) apply:                                                                 
1.  Fiscal, Dept. of Revenue                                                                        
HB 63 was referred to the House Special Committee on Oil & Gas.