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House debate over severance tax incentives centers on job recovery in Uinta Basin; bill creates sliding tax, wildcat holiday and workover credit
Summary
Substitute House Bill 110 would create a sliding severance tax on oil, extend the wildcat well tax holiday and create a limited workover tax-credit account; sponsors said it aims to revive drilling and employment in the Uinta Basin while critics sought technical fixes and a sunset for the restricted fund.
Representative David M. Adams, sponsor of substitute House Bill 110, described the proposal as an economic-development package for oil-producing counties, saying: "Out in the oil patch of Utah, we are in serious trouble and that production is declining," and that the bill is designed to boost production and local employment.
The substitute proposal contains three principal elements: a sliding severance tax on oil (a lower rate when price-per-barrel is low and a higher rate on the portion above a specified threshold); a one-year production holiday for new wildcat wells…
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