Bill No.: SF0074                  Drafter:  LGC

 

LSO No.:  12LSO-0303              Effective Date:  March 6, 2012

 

Enrolled Act No.:  SEA0008

 

Chapter No.:       CH0015

 

Prime Sponsor:     Senator Hastert

 

Catch Title:       Severance tax-trona valuation.

 

Subject:           Allowing agreements on valuation of trona products for taxation.

 

 

Summary/Major Elements:

 

·         The act allows the department of revenue and a taxpayer to jointly agree on an alternative method to determine fair market value of trona products for taxation purposes.

 

 

Comments:

 

· Report Required:  The department of revenue shall report any actions taken under this act to the joint minerals, business and economic development interim committee by October 1 of each year.