HB0031 • 2006

Sales tax exemption-oil & gas well.

AN ACT relating to taxation and revenue; providing for the taxation of the deepening or extending of an existing oil and gas well as specified; and providing for an effective date.

Energy Taxes

Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor: Revenue
Last action: 2006-03-24
Official status: enrolled
Effective date: 7/1/2006

Plain English Breakdown

The plain English breakdown is still being put together. The official documents below are already here.

Bill History

2006-03-24 Governor
Governor Signed HEA No. 0026
2006-03-24 LSO
Assigned Chapter Number - 96
2006-03-10 Senate
S President Signed HEA No. 0026
2006-03-10 House
H Speaker Signed HEA No. 0026
2006-03-09 LSO
Assigned Number HEA0026
2006-03-09 Senate
S Passed 3rd Reading
2006-03-08 Senate
S Passed 2nd Reading
2006-03-07 Senate
S Passed CoW
2006-02-23 Senate
S Placed on General File
2006-02-23 Senate
S03 Recommended Do Pass
2006-02-21 Senate
S Introduced and Referred to S03
2006-02-20 Senate
S Received for Introduction
2006-02-20 House
H Passed 3rd Reading
2006-02-17 House
H Passed 2nd Reading
2006-02-16 House
H Passed CoW
2006-02-15 House
H Placed on General File
2006-02-15 House
H03 Recommended Do Pass
2006-02-14 House
H Introduced and Referred to H03
2006-02-13 House
H Received for Introduction
2005-12-08 LSO
Bill Number Assigned

Official Summary Text

HB0031 Bill Summary

Bill
No.:
HB0031

Drafter:

JAR

LSO
No.:

06LSO-0090

Effective Date:

7/1/2006

Enrolled
Act No.:

HEA0026

Chapter
No.:

96

Prime
Sponsor:

Joint Revenue Interim Committee

Catch
Title:

Sales tax exemption-oil & gas well.

Subject:

Provides a
sales tax exemption for the deepening or extending of an existing oil and gas
well.

Summary/Major
Elements:

Current law
provides a sales tax exemption for the sales price paid for all services
related to the production and drilling of any oil or gas well.

This bill extends
the sales tax exemption to deepening or extending any existing oil or gas well
"beyond the maximum point to which they were initially drilled."

Current Bill Text

Read the full stored bill text

WORKING DRAFT

ORIGINAL HOUSE

BILL

NO.
0031

ENROLLED ACT NO. 26, HOUSE OF REPRESENTATIVES

FIFTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING
2006 BUDGET SESSION

AN ACT relating to taxation and revenue; providing for the taxation of the deepening or extending of an existing oil and gas well as specified; and providing for an effective date.

Be It Enacted by the Legislature of the State of Wyoming:

Section 1.
W.S. 39
‑
15
‑
105(a)(viii)(B) is amended to read:

39
‑
15
‑
105.

Exemptions
.

(a)

The following sales or leases are exempt from the excise tax imposed by this article:

(viii)

For the purpose of exempting sales of services and tangible personal property as an economic incentive, the following are exempt:

(B)

Sales of the services of professional engineers, geologists or members of similar professions including the sales price paid for all services to real or tangible personal property leading to building location, drilling and all related activities that must be completed prior to setting the production casing, including coring, logging and testing done prior to the setting of production casing for the drilling of any oil or gas well
or for the deepening or extending of any well previously drilled for oil or gas beyond the maximum point to which they were initially drilled
. The exemption in this subparagraph shall also apply to any and all seismographic and geophysical surveying, stratigraphic testing, coring, logging and testing calculated to reveal the existence of geologic conditions favorable to the accumulation of oil or gas;

Section 2.
This act is effective July 1, 2006.

(END)

Speaker of the House

President of the Senate

Governor

TIME APPROVED: _________

DATE APPROVED: _________

I hereby certify that this act originated in the House.

Chief Clerk