MI HB4885

Reduces severance tax rate to 4.0% for both oil and gas produced from carbon dioxide secondary or enhanced recovery projects approved after March 30, 2014, compared to the standard rates of 6.6% for oil and 5% for gas.

Defines "carbon dioxide secondary or enhanced recovery project" as operations using carbon dioxide injection to increase recoverable oil or gas, requiring approval by the supervisor of wells under the Natural Resources and Environmental Protection Act.

Excludes producers convicted of antitrust violations or conspiracy from the reduced 4.0% tax rate on carbon dioxide recovery projects.

Maintains existing tax exemptions for nonconventional fuel from devonian or antrim shale qualifying for federal tax credits and acquired through state royalty interests.

Effective date contingent on enactment of House Bills 5254 and 5255 of the 97th Legislature.