Gas severance taxes, local; establishes fair market value. (HB1846)
Introduced By
Del. Bobby Orrock (R-Thornburg)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
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 »
Outcome
History
| Date | Action |
|---|---|
| 01/08/2013 | Committee |
| 01/08/2013 | Prefiled and ordered printed; offered 01/09/13 13101661D |
| 01/08/2013 | Referred to Committee on Finance |
| 01/14/2013 | Assigned Finance sub: #1 |
| 01/22/2013 | Impact statement from TAX (HB1846) |
| 01/28/2013 | Subcommittee recommends laying on the table |
| 02/05/2013 | Left in Finance |
Map
This bill mentions Buchanan.