Bill > SB34

This bill amends the Oil and Gas Severance Tax Act by introducing a new definition for "posted price," which refers to the price of West Texas Intermediate light sweet crude oil as published by the U.S. Energy Information Administration, and modifies existing tax rates for certain oil and gas production. Specifically, it creates a new tax rate for oil and other liquid hydrocarbons produced from qualified enhanced recovery projects that involve the use of carbon dioxide, setting it at 1.875% if the average annual price of West Texas Intermediate crude oil is below $60 per barrel. The bill also adjusts the conditions and rates for taxes on natural gas and oil from well workover projects and stripper well properties, and it clarifies that the tax is imposed on all severed and sold products, with specific exemptions for production restoration projects under certain price conditions.