Legislature(2015 - 2016)
2016-04-09 House Journal
Full Journal pdf2016-04-09 House Journal Page 2155 HB 247 The following was read the second time: HOUSE BILL NO. 247 "An Act relating to confidential information status and public record status of information in the possession of the Department of Revenue; relating to interest applicable to delinquent tax; relating to disclosure of oil and gas production tax credit information; relating to refunds for the gas storage facility tax credit, the liquefied natural gas storage facility tax credit, and the 2016-04-09 House Journal Page 2156 qualified in-state oil refinery infrastructure expenditures tax credit; relating to the minimum tax for certain oil and gas production; relating to the minimum tax calculation for monthly installment payments of estimated tax; relating to interest on monthly installment payments of estimated tax; relating to limitations for the application of tax credits; relating to oil and gas production tax credits for certain losses and expenditures; relating to limitations for nontransferable oil and gas production tax credits based on oil production and the alternative tax credit for oil and gas exploration; relating to purchase of tax credit certificates from the oil and gas tax credit fund; relating to a minimum for gross value at the point of production; relating to lease expenditures and tax credits for municipal entities; adding a definition for "qualified capital expenditure"; adding a definition for "outstanding liability to the state"; repealing oil and gas exploration incentive credits; repealing the limitation on the application of credits against tax liability for lease expenditures incurred before January 1, 2011; repealing provisions related to the monthly installment payments for estimated tax for oil and gas produced before January 1, 2014; repealing the oil and gas production tax credit for qualified capital expenditures and certain well expenditures; repealing the calculation for certain lease expenditures applicable before January 1, 2011; making conforming amendments; and providing for an effective date." with the: Journal Page RES RPT CS(RES) NT 5DP 1DNP 1NR 2AM 1901 FN3: INDETERMINATE(H.RES/REV) 1902 FN4: INDETERMINATE(H.RES/FUND CAP) 1902 FIN RPT CS(FIN) NT 1DP 4DNP 2NR 4AM 2148 FN5: ZERO(DNR) 2149 FN6: (REV) 2149 Representative Millett moved and asked unanimous consent that the following committee substitute be adopted in lieu of the original bill: CS FOR HOUSE BILL NO. 247(FIN) "An Act relating to interest applicable to delinquent tax; relating to the oil and gas production tax, tax payments, and credits; 2016-04-09 House Journal Page 2157 relating to the minimum oil and gas production tax; relating to refunds for the gas storage facility tax credit, the liquefied natural gas storage facility tax credit, and the qualified in-state oil refinery infrastructure expenditures tax credit; relating to the assessment of an oil and gas production tax imposed; relating to oil and gas lease expenditures and production tax credits for municipal entities; relating to a bond or cash deposit required for an oil or gas business; establishing a legislative working group to study the tax structure for oil and gas produced south of 68 degrees North latitude; and providing for an effective date." There being no objection, it was so ordered. Representative Millett moved and asked unanimous consent that CSHB 247(FIN) be considered engrossed, advanced to third reading, and placed on final passage. There was objection. CSHB 247(FIN) will advance to third reading on tomorrow's calendar.