Legislature(2003 - 2004)
04/25/2003 09:10 AM House FIN
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* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
HOUSE BILL NO. 61 An Act establishing an exploration and development incentive tax credit for persons engaged in the exploration for and development of less than 150 barrels of oil or of gas for sale and delivery without reference to volume from a lease or property in the state; and providing for an effective date. Representative Chenault MOVED to ADOPT Amendment #1, #23- LS0270\Q.4, Chenoweth, 4/24/03. (Copy on File). Co-Chair Williams OBJECTED for purposes of discussion. Representative Chenault explained that the amendment would address concerns voiced by Representative Hawker at the last meeting. The new language would establish the parameters of when the tax credit can happen. Co-Chair Williams WITHDREW his OBJECTION. There being NO further OBJECTION, Amendment #1 was adopted. Representative Chenault MOVED to ADOPT Amendment #2, #23- LS0270\Q.2, Chenoweth, 4/24/03. (Copy on File). Co-Chair Harris OBJECTED for purposes of discussion. Representative Chenault explained that Amendment #2 would address concerns regarding "operators". The amendment would change the current language of "person" to "operators" and would insert language on Page 1, Line 9: "That is an operator or working interest owner directly". Co-Chair Harris WITHDREW his OBJECTION. There being NO further OBJECTION, Amendment #2 was adopted. Representative Chenault MOVED to adopt Amendment #3, #23- LS0270\Q.3, Chenoweth, 4/24/03. (Copy on File). Co-Chair Harris OBJECTED for purposes of discussion. Representative Chenault explained that Amendment #3 inserts new language at the request of the Department. The language would tie the bill in with income tax credit by inserting that language on Page 2, Line 7: "In or before the tax year in which the credit is claimed through the date the reserves produce gas for sale and delivery". Co-Chair Harris WITHDREW his OBJECTION. There being NO further OBJECTION, Amendment #3 was adopted. Representative Foster MOVED to report CS HB 61 (FIN) out of Committee with individual recommendations and with the accompanying fiscal notes. There being NO OBJECTION, it was so ordered. CS HB 61 (FIN) was reported out of Committee with a "do pass" recommendation and with zero fiscal note #1 by the Department of Natural Resources and zero fiscal note #2 by the Department of Revenue.
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