03/28/2012 01:00 PM House RESOURCES

               HB 328-OIL AND GAS CORPORATE TAXES                                                                           
                                                                                                                                
1:10:00 PM                                                                                                                    
                                                                                                                                
CO-CHAIR SEATON announced that the  first order of business would                                                               
be  HOUSE BILL  NO. 328,  "An  Act relating  to the  oil and  gas                                                               
corporate income  tax; relating  to the  credits against  the oil                                                               
and gas  corporate income tax; making  conforming amendments; and                                                               
providing for an effective date."                                                                                               
                                                                                                                                
1:10:33 PM                                                                                                                    
                                                                                                                                
REPRESENTATIVE P. WILSON moved to  adopt the committee substitute                                                               
(CS)  for  HB 328,  identified  as  Version 27-LS1142\I,  Nauman,                                                               
3/27/12,  as the  working document.   There  being no  objection,                                                               
Version I was before the committee.                                                                                             
                                                                                                                                
CO-CHAIR  SEATON  informed  the  committee  HB  328,  Version  I,                                                               
addresses issues brought forth by  industry and the Department of                                                               
Revenue  (DOR)  relating  to   the  regulations  on  depreciation                                                               
schedules, changes  in the  submission of  industry data  and the                                                               
calculation   of  corporate   income   tax,  quarterly   filings,                                                               
penalties for failure to file,  and exemptions for companies with                                                               
less  than a  $1  million tax  liability.   He  asked for  future                                                               
comments on the bill to be specific to Version I.                                                                               
                                                                                                                                
1:12:24 PM                                                                                                                    
                                                                                                                                
[Although  not formally  announced, HB  328 was  treated as  held                                                               
over.]