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House Bill 1440


House Bill 1440

ARCHIVE (2011)

Latest Information

 

DIGEST OF INTRODUCED BILL


Coal; aggregate and coal bed methane taxation. Increases the petroleum severance tax rates to the greater of: (1) 2% of the value of the petroleum (currently 1%); or (2) $0.06 per 1,000 cubic feet for natural gas that is not coal bed methane and $0.25 per 1,000 cubic feet for coal bed methane (currently $0.03) and $0.48 per barrel for oil (currently $0.24). Imposes a coal and aggregate severance tax upon persons that: (1) remove coal from the earth; (2) process coal after its removal; or (3) extract aggregate from natural deposits. Imposes the tax at a rate of 4.5% of the gross value of the coal or aggregate removed or processed within a monthly reporting period. Provides for a minimum tax of $0.50 per ton. Provides that the minimum tax does not apply to taxpayers who process only coal. Provides the method of determining gross value. Provides penalties for the failure to pay or report the severance tax due. Provides that the department of state revenue administers the tax. Provides that the officers of a corporation that fails to pay the tax are personally liable, jointly and severally, for the amount of unpaid tax. Provides that the tax revenue collected from the
Current Status:
 In Committee - first House
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