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Finance and Taxation Committee adopts amendment and recommends due pass for exploratory-well incentive in SB 2397
Summary
The Finance and Taxation Committee voted to adopt an amendment and recommend a due pass for Senate Bill 2397 as amended during a committee meeting, advancing language that would create a development-incentive certification for exploratory oil wells.
The Finance and Taxation Committee voted to adopt an amendment and recommend a due pass for Senate Bill 2397 as amended during a committee meeting, advancing language that would create a development-incentive certification for exploratory oil wells.
Representative Doctor, who moved the amendment, told the committee the proposal is designed as a limited incentive: "it's an incentive. It's not a credit. It's only gonna be utilized if if a company is willing to put 12 to 15,000,000 into trying to, to do an exploratory well," he said, adding that operators must demonstrate use of new technology to qualify.
The amendment adds language…
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