02/01/2006 09:07 AM House W&M

HB 63-OIL SEVERANCE TAX                                                                                                       
                                                                                                                                
9:07:16 AM                                                                                                                    
                                                                                                                                
CHAIR WEYHRAUCH announced that the  first order of business would                                                               
be  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                                                               
feasible."                                                                                                                      
                                                                                                                                
9:08:17 AM                                                                                                                    
                                                                                                                                
CHAIR  WEYHRAUCH,   having  determined   there  was   no  further                                                               
testimony or  questions on HB  63, announced that the  bill would                                                               
be  addressed   at  the  next   meeting  before   closing  public                                                               
testimony.                                                                                                                      
                                                                                                                                
[HB 63 was held over.]