Gas severance taxes, local; establishes fair market value. (HB1846)

Introduced By

Del. Bobby Orrock (R-Thornburg)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


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. Read the Bill »


Bill Has Failed


01/08/2013Prefiled and ordered printed; offered 01/09/13 13101661D
01/08/2013Referred to Committee on Finance
01/14/2013Assigned Finance sub: #1
01/22/2013Impact statement from TAX (HB1846)
01/28/2013Subcommittee recommends laying on the table
02/05/2013Left in Finance


This bill mentions Buchanan.