Honorable Teel Bivins, Chair, Senate Committee on Finance
FROM:
John Keel, Director, Legislative Budget Board
IN RE:
HB2424 by McCall (Relating to technical changes to taxes and fees administered by the comptroller; providing penalties.), As Engrossed
No significant fiscal implication to the State is anticipated during the next five fiscal years.
Under current law, the provision granting a reduced tax rate on high-cost natural gas would not apply to wells spudded or completed after September 1, 2010. The bill would extend the reduced tax rate to high-cost wells drilled after September 1, 2010. This provision would result in a significant loss of state revenue beginning in fiscal year 2010.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.
Source Agencies:
304 Comptroller of Public Accounts, 454 Department of Insurance