HB. 58
         OIL AND GAS SEVERANCE TAX AMENDMENTS

Senate Floor Amendments

February 12, 1998 4:07 PM



Senator Lyle Hillyard proposes the following amendments:

1.    Page 1, Line 7:    
    Lilac 1-9-98    After "2004;" insert "DISALLOWING THE CREDIT IF OIL OR GAS PRICES EXCEED CERTAIN LEVELS;"

2.    Page 2, Line 19:
    Lilac 1-9-98    After "[A]" insert "Except as provided in Subsection (3)(c),"

3.    Page 2, Line 27:    
    Lilac 1-9-98    After Line 27 insert:
         "(c) Notwithstanding Subsection (3)(a), a taxpayer may not claim a recompletion or workover tax credit under this section for a taxable year if the taxpayer reports on a tax return filed for the taxable year that:
        (i) the average value for oil exceeds $22 per barrel, or
        (ii) the average value for gas exceeds $1.75 per MCF."

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