HB649 Alabama 2012 Session
Bill Summary
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
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.
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 |