S.F. No. 0069

Oil & gas valuation-proportionate profits.

Sponsored By: Senator(s) Peck

AN ACT relating to taxation and revenue; providing for the valuation of oil and gas by the proportionate profits valuation method as specified; and providing for an effective date.

2/12/02 Bill Number Assigned

2/13/02 S Received for Introduction

2/13/02 S Introduced and Referred to S03

ROLL CALL

Ayes: Senator(s) Anderson, J., Boggs, Case, Cathcart, Coe, Decaria, Devin, Geis, Goodenough, Hanes, Harris, Hawks, Job, Kunz, Larson, Massie, Meier, Miller, C., Mockler, Peck, Roberts, Scott, Sessions and Vasey.

Nays: Senator(s) Barton, Erb, Hinchey, Kinnison, Schiffer and Youngbauer.

Ayes 24 Nays 6 Excused 0 Absent 0 Conflicts 0

2/22/02 S03 Recommended Amend and Do Pass

ROLL CALL

Ayes: Senator(s) Job, Mockler and Peck

Nays: Senator(s) Devin and Erb

Ayes 3 Nays 2 Excused 0 Absent 0 Conflicts 0

2/22/02 S Placed on General File

2/27/02 S Amendments Adopted

SF0069SS001/A

Page 2-line 9 Delete "entities" insert ", and the gas is valued using the method prescribed in W.S. 39-14-203(b)(vi)(D)". PECK, CHAIRMAN

SF0069SW001/A

Page 4-line 1 Before "cost" insert "direct".

Page 4-line 2 Before "cost" insert "direct". PECK

2/27/02 S Passed CoW

2/28/02 Amendment Adopted

SF0069S2001/A

Page 4-line 1 After "owner" insert "that interest owner's share of".

Page 4-line 2 Delete "per mcf"; after "field and" insert "that interest owner's share of"; after "processing" delete "per".

Page 4-line 3 Delete "mcf".

Page 4-line 10 After "depreciation" insert "and field depreciation, depletion and amortization"; after "calculated" delete balance of line and insert "by each interest owner using the units of production method.".

Page 4-lines 11 through 13 Delete. PECK

2/28/02 S Passed 2nd Reading

3/1/02 S Passed 3rd Reading

ROLL CALL

Ayes: Senator(s) Barton, Coe, Devin, Erb, Geis, Hanes, Hawks, Hinchey, Kunz, Larson, Meier, Mockler, Peck, Scott, Vasey and Youngbauer.

Nays: Senator(s) Anderson, J., Boggs, Case, Cathcart, Decaria, Goodenough, Harris, Job, Kinnison, Massie, Miller, C., Roberts, Schiffer and Sessions.

Ayes 16 Nays 14 Excused 0 Absent 0 Conflicts 0

3/4/02 H Received for Introduction

3/4/02 H Introduced and Referred to H03

3/7/02 H03 Recommended Do Pass

ROLL CALL

Ayes: Representative(s) Anderson, R., Cohee, Deegan, Nagel, Osborn and Wostenberg

Nays: Representative(s) Boswell, Huckfeldt and Nicholas

Ayes 6 Nays 3 Excused 0 Absent 0 Conflicts 0

3/7/02 H Placed on General File

3/7/02 H Passed CoW

3/8/02 H Laid Back Pursuant to HR 9-3

3/9/02 Amendment Failed

SF0069H2002/FE (TO ENGROSSED COPY)

Page 3-line 16 Before "conservation" delete "," and insert "and".

Page 3-line 17 Delete "and indirect" insert "shall be included in the formula specified in subdivision (I) of this subparagraph as a direct cost of production. Indirect". BOSWELL

3/9/02 H Passed 2nd Reading

3/11/02 Amendment Failed

SF0069H3001/F [TO ENGROSSED COPY]

Page 1-line 3 After ";" insert "requiring reports;".

Page 4-After line 13 Insert:

"Section 2.  No later than September 1, 2004, and every year thereafter for five (5) years, the department of revenue shall report to the joint revenue interim committee on the revenue impacts of this act for the preceding fiscal year. The report shall include a comparison of the aggregate taxable value of all processed gas returns using the proportionate profits formula as directed by the state board of equalization in docket no. 96-216 (June, 2001), and the aggregate taxable value of all processed gas returns using the proportionate profits formula as directed by W.S. 39-14-203(b)(vi)(D)(I) and (II), as amended by this act.".

Page 4-line 15 Delete "2." insert "3.". PETERSEN, BOSWELL

3/11/02 H Failed 3rd Reading

ROLL CALL

Ayes: Representative(s) Anderson, R., Baker, Childers, Cohee, Deegan, Edwards, Gay, Hageman, Hessenthaler, Hines, Illoway, Jones, Lockhart, McMurtrey, Miller, D., Nagel, Nicholas, Osborn, Parady, Paseneaux, Samuelson, Simons, Simpson, Stafford, Tempest, Tipton, Wasserburger, Willford and Wostenberg.

Nays: Representative(s) Boswell, Burns, Esquibel, Eyre, Huckfeldt, Iekel, Johnson, L., Johnson, W., Landon, Law, Luthi, McGraw, McOmie, Meuli, Meyer, Morgan, Nelson, Petersen, Reese, Robinson, Rose, Ross, Sadler, Shivler, Slater, Thompson, Tomassi, Warren and Watt.

Excused: Representative(s) Diercks

Conflicts: Representative(s) Philp

Ayes 29 Nays 29 Excused 1 Absent 0 Conflicts 1