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Committee adopts amendment cutting new energy severance tax rate to 2% for new contracts; bill later fails in committee and is tabled
House Taxation Committee · February 12, 2025
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Summary
An amendment to House Bill 326 reduced the proposed new energy severance tax rate from 10% to 2% for new contracts and passed the committee 12–9; after debate the full bill as amended failed 8–13 and the committee tabled it.
Committee staff explained that the amendment to House Bill 326 revises the proposed energy severance tax by lowering the new tax rate from 10% to 2% and limiting the change to new contracts entered into after the effective date. Megan Moore told members the amendment "revises the tax rate for the new energy severance tax from 10% to 2%"…
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