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.