Loading chat...

FL H0087

Bill

Official Source

Status

Failed

3/9/2012

Primary Sponsor

Matt Hudson

Click for details

Origin

House of Representatives

2012 Regular Session

AI Summary

  • Defines "mature field recovery oil" as barrels of oil from new wells beginning production after July 1, 2012, in fields discovered before 1981

  • Applies the same tiered severance tax rates to mature field recovery oil as tertiary oil: 1% for oil valued at $60 or below, 7% for $60-$80, and 9% for $80 and above

  • Increases General Revenue Fund distribution from small well oil and tertiary oil taxes from 63% to 67.5%

  • Reduces Minerals Trust Fund distribution from small well oil and tertiary oil taxes from 16% to 12.5%

  • Effective date: July 1, 2012

Legislative Description

Tax on Severance and Production of Oil

Last Action

Died in Conference Committee, companion bill(s) passed, see HB 7087 (Ch.

3/9/2012

Committee Referrals

Finance And Tax12/9/2011
Energy And Utilities Subcommittee9/15/2011

Full Bill Text

No bill text available