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SB 406: Reduces the rate of oil severance tax on new wells for three years


Present law levies a tax on the severance of natural resources including oil. The full rate of the oil severance tax is 12.5%.

Proposed law reduces the rate of oil severance tax for three years to 8% for newly drilled wells from which production begins between July 1, 2022, and June 30, 2025.

Effective upon signature of the governor or lapse of time for gubernatorial action.

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