Honorable Ron Wilson, Chair, House Committee on Ways & Means
FROM:
John Keel, Director, Legislative Budget Board
IN RE:
HB2424 by McCall (Relating to technical changes to taxes and fees administered by the comptroller of public accounts.), As Introduced
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 with that date.
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