2005-01-11                     Senate Journal                      Page 0027
SB 38                                                                                             
SENATE BILL NO. 38 BY SENATOR ELTON, 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 before any                                         
          price adjustments authorized by this Act, to modify                                       
          the mechanism for calculating the effective tax rate,                                     

2005-01-11                     Senate Journal                      Page 0028
          to provide for adjustments to the tax when the                                            
          prevailing value of the oil exceeds $20 per barrel or                                     
          falls below $16 per barrel and to limit the effect of                                     
          the adjustments, and to exempt certain kinds of oil                                       
          from application of the adjustments; requiring                                            
          separate accounting of the proceeds of the tax as                                         
          amended, and authorizing appropriation of a portion                                       
          of tax proceeds subject to price adjustment to support                                    
          state shared revenue programs; and providing for an                                       
          effective date."                                                                          
          (Prefile released 01/07/05)                                                               
                                                                                                    
was read the first time and referred to the Resources and Finance                                   
Committees.