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Finance committee moves corporate tax bill for oil and gas entities after objections withdrawn
Summary
Senate Bill 92, a committee substitute addressing corporate income tax on oil and gas entities, was reported from the Senate Finance Committee May 7 after debate; Senator Kaufman voiced objections citing lack of a comprehensive fiscal plan but withdrew his objection and the bill passed from committee with fiscal notes attached.
Senator Keel moved that the Senate Finance Committee report the committee substitute for Senate Bill 92 (LS0540Q) from committee with individual recommendations and attached fiscal notes. The committee record shows this was the sixth time the bill had been before the committee; public testimony and fiscal notes had previously been considered.
Senator Kaufman objected for discussion and stated he could not support the bill in its current form because it advances tax changes without the accompanying comprehensive fiscal plan he expected from the fiscal policy working group. He argued the bills tax elements risk discouraging transformative projects and said the "tax cart" had gotten ahead of a broader plan. After speaking, Kaufman withdrew his objection. No further objections were recorded and the committee reported the bill out of committee with individual recommendations and attached fiscal notes.
The committee did not record a roll-call vote in this hearing excerpt; the transcript indicates the bill will move forward with the committee-substitute language and the accompanying fiscal notes.
