House Bill 1746 Summary

• Temporarily reduces the oil severance tax rate from 6% to 1.3% from July 1, 2020 through June 30, 2021.

• Temporarily reduces the gas severance tax rate from 6% to 1.3% from July 1, 2020 through June 30, 2021.

• Maintains existing reduced rates for enhanced oil recovery methods, horizontally drilled wells, and other incentive provisions during the temporary reduction period.

• Brings forward Sections 27-25-505 and 27-25-705 regarding revenue distribution from oil and gas severance taxes for possible amendment.

• Takes effect July 1, 2020 and repeals June 30, 2021.