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2013 SESSION

• | print version

HB 1846 Gas severance taxes, local; establishes fair market value.

Introduced by: Robert D. Orrock, Sr. | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Local gas severance taxes. Establishes fair market value for purposes of the local gas severance taxes by defining fair market value as the gross receipts from the first sale of gas to an unrelated party less reasonable, actual expenses including the costs of moving and processing the gas, depreciation, compression, marketing, overhead, maintenance, processing, transportation, property taxes, and return on investment. The bill moves the local gas severance taxes out of Chapter 37 of Title 58.1, which sets forth local license tax laws.

The one percent local gas severance taxes would be applied to the fair market value of the gas at the time it is produced at the wellhead within the county or city.

FULL TEXT

• 01/08/13  House: Prefiled and ordered printed; offered 01/09/13 13101661D  pdf | impact statement

HISTORY

• 01/08/13  House: Prefiled and ordered printed; offered 01/09/13 13101661D
• 01/08/13  House: Referred to Committee on Finance
• 01/14/13  House: Assigned Finance sub: #1
• 01/28/13  House: Subcommittee recommends laying on the table by voice vote
• 02/05/13  House: Left in Finance