HB649 Alabama 2012 Session

Updated Jul 25, 2021

Summary

Primary Sponsor: Randy Davis
Republican
Co-Sponsor: Charles O. Newton
Session: Regular Session 2012
Title: Oil and gas, portion of the annual proceeds of the oil and gas production tax to the State Oil and Gas Board of Alabama and the Geological Survey of Alabama, Sec. 9-17-31 am'd
Description: Under current law, the state levies an oil and gas production tax at the rate of 2% of the gross value of the oil and gas at the point of production. However, the tax rate on offshore production, produced from depths greater than 8,000 feet below mean sea level, is 1.66% of the gross proceeds received from the sale of oil and gas. The proceeds from the tax are deposited into the State General Fund are appropriated by the Legislature.
This bill would allocate a portion of the annual proceeds of the oil and gas production tax to the State Oil and Gas Board of Alabama and the Geological Survey of Alabama to help defray the expenses associated with the supervision and protection of the mineral, oil and gas and other natural resources of the state.
Subjects: Oil and Gas

Read for the first time and referred to the House of Representatives committee on Ways and Means General Fund