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2009 SESSION

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SB 1507 Gas wells and related improvements; may be assessed on an annual basis in Buchanan County.

Introduced by: Phillip P. Puckett | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Taxation of gases; Buchanan County.  Provides that gas wells and related improvements may be assessed on an annual basis in Buchanan County subject to the approval of the Board of Supervisors, but requires that gas wells and related improvements be reassessed in the general reassessment of property in the county. The bill also provides that there would be no deduction for expenses for local severance tax purposes in determining the fair market value of gases severed in Buchanan County.

SUMMARY AS PASSED SENATE:

Taxation of gases; Buchanan County.  Provides that gas wells and related improvements may be assessed on an annual basis in Buchanan County subject to the approval of the Board of Supervisors, but requires that gas wells and related improvements be reassessed in the general reassessment of property in the county. The bill also provides that there would be no deduction for expenses for local license tax purposes in determining the fair market value of gases severed in Buchanan County.

SUMMARY AS INTRODUCED:

Taxation of gases; Buchanan County.  Provides that gas wells and related improvements may be assessed on an annual basis in Buchanan County subject to the approval of the Board of Supervisors, but requires that gas wells and related improvements be reassessed in the general reassessment of property in the county. The bill also provides that beginning July 1, 2009, the local license tax on gases severed in Buchanan County would be measured by the actual purchase price paid for the gas at the time of the first arms-length sale less a deduction of $0.40 for each 1,000 cubic feet (MCF) of gas included in the arms-length sale.