Texas 2015 - 84th Regular

Texas House Bill HB4034

Filed
 
Out of House Committee
 
Voted on by Senate
 
Governor Action
 
Bill Becomes Law
 

Caption

Relating to the dedication of revenue derived from the tax levied on crude petroleum production.

Impact

The implications of HB 4034 are significant for state law, particularly in terms of revenue management and environmental oversight. By earmarking tax revenue specifically for the oil and gas regulation fund, the bill presents a structured approach to funding necessary regulatory and cleanup measures associated with petroleum production. This represents a commitment by the state to prioritize environmental concerns and effectively manage the consequences of oil production while simultaneously harnessing the financial benefits of crude petroleum taxes for regulatory compliance and environmental protection efforts.

Summary

House Bill 4034 is an act that focuses on the dedication of revenue generated from the tax levied on crude petroleum production. The bill amends specific sections of the Natural Resources Code, specifically the disposition of tax proceeds, ensuring that the revenue collected from this tax is allocated to the oil and gas regulation and cleanup fund. This fund is designed to support the regulation and cleanup of oil and gas operations, indicating a strong connection between fiscal responsibility and environmental management in the state.

Sentiment

General sentiment around HB 4034 appears to align with a positive outlook among those focused on environmental regulation and compliance. Proponents likely view the bill as a necessary step toward ensuring that oil and gas operations in Texas adhere to environmental standards that safeguard public health and the environment. There might be a shared understanding among legislators that funding regulatory and cleanup initiatives fosters accountability within the oil industry. However, it is also possible that there are concerns among certain stakeholders related to how these funds are managed and allocated.

Contention

While HB 4034 does not seem to have substantial points of contention based on the available documentation, discussions regarding the appropriateness of dedicating tax revenue can bring about debate. Some may argue that more extensive oversight of how funds are utilized in cleaning up oil-related environmental issues is necessary, while others might express concerns about the potential for mismanagement of dedicated funds. Thus, while supported by a majority, the bill still raises important discussions related to regulatory efficiency and fiscal prudence.

Companion Bills

No companion bills found.

Previously Filed As

TX HB4046

Relating to the reduction and plugging of orphaned oil and gas wells; providing for the imposition of a fee and an exemption from certain taxes and fees.

TX SB1686

Relating to the reduction and plugging of orphaned oil and gas wells; providing for the imposition of a fee and an exemption from certain taxes and fees.

TX HB3839

Relating to financial security requirements for operators of oil and gas wells.

TX HJR111

Proposing a constitutional amendment providing for the creation of the Texas severance tax revenue and oil and natural gas (Texas STRONG) defense fund, dedicating the money in that fund to benefit areas of the state significantly affected by oil and gas production, and providing for the transfer of certain general revenues to that fund, the economic stabilization fund, the state highway fund, the oil and gas regulation and cleanup account, the Texas emissions reduction plan fund, and the property tax relief fund.

TX HB3461

Relating to the creation and re-creation of funds and accounts, the dedication and rededication of revenue and allocation of accrued interest on dedicated revenue, and the exemption of unappropriated money from use for general governmental purposes.

TX HB3998

Relating to the use of certain revenue derived from state sales and use taxes to provide grants to incentivize the recycling of certain electronics.

TX HB2207

Relating to the allocation of certain constitutional transfers of money to the economic stabilization fund, the state highway fund, the oil and gas regulation and cleanup account, the Texas emissions reduction plan fund, the property tax relief fund, and the Texas severance tax revenue and oil and natural gas (Texas STRONG) defense fund and to the permissible uses of money deposited to the Texas severance tax revenue and oil and natural gas (Texas STRONG) defense fund.

TX SB2553

Relating to the establishment of a strategic reserve of gas and crude oil and a severance tax credit for delivering gas and oil to the reserve.

TX HB4419

Relating to the promotion of film and television production in this state, including the eligibility of film or television productions for funding under the major events reimbursement program, the creation of a film events trust fund and a film production tax rebate trust fund, the establishment of virtual film production institutes, and the designation of media production development zones.

TX SB2070

Relating to the funding of projects by the Public Utility Commission of Texas to promote the reliability and resiliency of the power grid in this state; authorizing the issuance of revenue bonds.

Similar Bills

No similar bills found.