Introduced
by
To increase from 4.0 percent to 6.6 percent the oil and gas severance tax rate on marginal wells (ones that produce less than 35 barrels per day). This is one of $200 million in “revenue enhancement” or “tax expenditure” proposals included in Gov. Jennifer Granholm’s Fiscal Year 2005-2006 budget recommendation, and it would increase the taxes paid by oil and gas producers approximately $2.2 million.
Referred to the Committee on Tax Policy
