House Bill No. 1449 Summary

• Increases the percentage of sales, gross receipts, use, and motor vehicle excise tax collections deposited into the state aid distribution fund from 43.5% to 64% of an amount determined by the one percent divided by the general sales tax rate formula.

• Changes the base oil extraction tax rate from 5% to 5.5% of the gross value at the well of oil extracted, with a variable rate of 6% when crude oil prices exceed $90 per barrel for three consecutive months.

• Modifies oil extraction tax development fund allocations effective after July 31, 2019 by redirecting 21.3% of resources trust fund amounts quarterly to the general fund and restructuring the remaining general fund allocation.

• Increases the energy conservation grant fund cap from $200,000 to $1.2 million per biennium from resources trust fund transfers.

• Act is effective for taxable events occurring after June 30, 2019.