HB649 Alabama 2012 Session
In Committee
Bill Summary
Sponsors
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
<p class="bill_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</p><p class="bill_description">
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</p><p class="bill_entitled_an_act"> To amend Section 9-17-31, Code of Alabama 1975,
regarding the oil and gas production tax, to allocate a
portion of the proceeds from the oil and gas production tax to
the State Oil and Gas Board of Alabama and the Geological
Survey of Alabama.
</p>
Subjects
Oil and Gas
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| April 5, 2012 | Read for the first time and referred to the House of Representatives committee on Ways and Means General Fund |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | HB649 Alabama 2012 Session - Introduced |