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ID H0379
Bill
Status
3/20/2012
Primary Sponsor
Resources and Conservation Committee
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AI Summary
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Establishes a tax of 2.5% on the market value of oil and gas produced in Idaho at the site of production, with a maximum of 5 mills per barrel of oil or 50,000 cubic feet of gas.
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Clarifies that movement of oil or gas from the wellhead to another site in Idaho for dehydration or processing does not constitute transportation from premises prior to sale; if transported before sale, tax is based on published Henry Hub spot price for gas or WTI Cushing spot price for crude oil.
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Tax is payable quarterly by the 20th of the month following each quarter, with 1% monthly interest on unpaid amounts; liens are created on oil and gas for unpaid taxes.
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Distributes collected revenue as follows: 40% to counties (28%), cities (28%), public schools (28%), and local economic development accounts (16%); 60% for Oil and Gas Conservation Commission expenses after refunds, with excess amounts over 200% of current appropriations transferred to general fund.
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Applies Idaho Income Tax Act enforcement and collection procedures to oil and gas tax administration; effective April 1, 2012; repeals Sections 47-331 and 47-332 of Idaho Code.
Legislative Description
Amends and repeals existing law relating to oil and gas to revise provisions relating to the levy and imposition of tax on all oil and gas produced, saved and sold or transported from premises in Idaho, to provide that the State Tax Commission shall enforce collection of the tax, to provide that specified provisions of the Idaho Income Tax Act shall apply and be available to the State Tax Commission for enforcement, assessment and collection and to provide for distribution of moneys collected.
OIL AND GAS
Last Action
Governor signed Session Law Chapter 79 Effective: 04/01/12
3/20/2012