Brief (1)
HB 2592 would accelerate severance tax collections to require remittances on or before the 20th day of the first month following the end of the production month. Current law requires remittances to be made on or before the 20th day of the second month following the end of the production month.
Background
Based on information provided by the Department of Revenue, the bill would be expected to have the following impact on receipts to the State General Fund (SGF) and the County Mineral Production Tax Fund (CMPTF) in FY 2002:
| ($ in millions) | |||
| SGF
|
CMPTF
|
Total
|
|
| Gas Severance Tax | $4.800 | $0.361 | $5.161 |
| Oil Severance Tax | 1.200
|
0.090
|
1.290
|
| Total | $6.000
|
$0.452
|
$6.452
|
1. *Supplemental notes are prepared by the Legislative Research Department and do not express legislative intent. The supplemental note and fiscal note for this bill may be accessed on the Internet at http://www.ink.org/public/legislative/fulltext.cgi