SJ0004 - Mineral trust fund-severance tax.

 

2001

State of Wyoming

01LSO-0289

 

 

 

SENATE JOINT RESOLUTION NO.  SJ0004

 

 

Mineral trust fund-severance tax.

 

Sponsored by:

 

 

A BILL

 

for

 

 1  A JOINT RESOLUTION proposing to increase the excise tax on
 2  severing or extracting minerals credited to the permanent
 3  Wyoming mineral trust fund.

 4 

 5  BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF WYOMING,
 6  two-thirds of all the members of the two houses, voting
 7  separately, concurring therein:

 8 

 9         Section 1.  The following proposal to amend Wyoming
10  Constitution, Article 15, Section 19 is proposed for
11  submission to the electors of the State of Wyoming at the
12  next general election for approval or rejection to become
13  valid as a part of the Constitution if ratified by a
14  majority of the electors at the election:

15 

 

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 1         Article 15, Section 19.  Mineral excise tax;
 2  distribution.

 3 

 4  The Legislature shall provide by law for an excise tax on
 5  the privilege of severing or extracting minerals, of one
 6  and one-half percent (1 1/2%) three percent (3%) on the
 7  value of the gross product extracted. The minerals subject
 8  to such excise tax shall be coal, petroleum, natural gas,
 9  oil shale, and such other minerals as may be designated by
10  the Legislature. Such tax shall be in addition to any other
11  excise, severance or ad valorem tax. The proceeds from such
12  tax shall be deposited in the Permanent Wyoming Mineral
13  Trust Fund, which fund shall remain inviolate. The monies
14  in the fund shall be invested as prescribed by the
15  Legislature and all income from fund investments shall be
16  deposited by the State Treasurer in the general fund on an
17  annual basis. The Legislature may also specify by law,
18  conditions and terms under which monies in the fund may be
19  loaned to political subdivisions of the state.

20 

21         Section 2. The Secretary of State shall endorse the
22  following statement on the proposed amendment:

23 

 

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 1         The adoption of this amendment would increase from one
 2  and one-half percent (1˝%) to three percent (3%) the excise
 3  tax on severing or extracting minerals which is credited to
 4  the permanent Wyoming mineral trust fund.

 5 

 6                         (END)

 

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