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Committee approves amendment to oil production deduction; bill passes as amended
Summary
The panel passed an amendment and then approved House Bill 14‑83 as amended; the change lowers a per‑barrel deduction and adds a temporary provision intended to permit horizontal wells to qualify for the reduced rate.
The Finance and Taxation Committee voted to adopt an amendment to House Bill 14‑83 and then approved the bill as amended.
Senator Wallen presented proposed amendments (labeled 25.0108.02005 in the handout) that change the deduction applied to gross production and add a three‑year provision intended to allow wells that produce up to 300,000 barrels over the period to qualify under the lower rate. The amendment reduces a per‑barrel deduction from about $0.0707 to $0.02 per…
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