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HB 231: TAX INCENTIVE FOR TERTIARY PRODUCTION - 1997 General Session
Sponsor: Rep. Bill Stafford (R-H3, Chugwater); co-sponsors Rep. Ross Diercks (D-H2, Lusk), Rep. Bob Tanner (R-H57, Casper), Sen. Guy Cameron (D-S7, Cheyenne), Sen. Bill Hawks (R-S29, Casper), Sen. Jayne Mockler (D-S8, Cheyenne)
This bill extended the existing excise tax reduction (from 6% to 4%) on tertiary oil production from December 31, 1996, to March 31, 2001.
Information provided by the Legislative Service Office indicates that the loss of severance tax revenues from tertiary production totaled over $16 million from 1990 through 1993.
A report from the Wyoming Oil & Gas Conservation Commission and the Wyoming Department of Revenue - Mineral Tax Division put the losses at $1.5 million for 1994; $874,000 for 1995; and $478,000 through the first three quarters of 1996. Only one tertiary project was approved in 1994, none in 1995, and 10 in the last quarter of 1996.
An amendment to sunset the tax break if prices for the tertiary production equaled or exceeded $22/barrel for the preceding six months failed on a voice vote in the House.
HB 231 easily passed the House, 51-8 (1 excused), and the Senate, 28-2.
The votes listed in the following chart are the third reading (final passage) votes in the House and the Senate.
A YES vote means the legislator supported continuing the tax break for tertiary production until 2001.
A NO vote means the legislator opposed continuing the tax break for tertiary production until 2001.
View Table of Votes by Individual Legislators.
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