LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 85TH LEGISLATIVE REGULAR SESSION May 12, 2017 TO: Honorable Jane Nelson, Chair, Senate Committee on Finance FROM: Ursula Parks, Director, Legislative Budget Board IN RE:HB2277 by Darby (Relating to the temporary exemption or tax reduction for certain high-cost gas.), As Engrossed No fiscal implication to the State is anticipated. The bill would amend Section 201.057 of the Tax Code, regarding the tax reduction for certain high-cost natural gas. The bill would allow the Comptroller to make the determination of the median drilling and completion cost for use in calculating the reduced high-cost natural gas tax rate at a date of the Comptroller's determination. Amendments to the drilling and completions cost report would not be allowed after March 1 of the year following the fiscal year in which the original application was made. The bill would clarify the current practice of providing applicable refunds for high-cost natural gas wells. The bill would remove references to expired tax exemptions. Because the bill would be codifying current policies and procedures as they pertain to the tax reduction for certain high-cost natural gas wells there would be no fiscal impact to the state. The bill would take effect September 1, 2017. Local Government Impact No fiscal implication to units of local government is anticipated. Source Agencies:304 Comptroller of Public Accounts LBB Staff: UP, KK, SD
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 85TH LEGISLATIVE REGULAR SESSION
May 12, 2017
TO: Honorable Jane Nelson, Chair, Senate Committee on Finance FROM: Ursula Parks, Director, Legislative Budget Board IN RE:HB2277 by Darby (Relating to the temporary exemption or tax reduction for certain high-cost gas.), As Engrossed
TO: Honorable Jane Nelson, Chair, Senate Committee on Finance
FROM: Ursula Parks, Director, Legislative Budget Board
IN RE: HB2277 by Darby (Relating to the temporary exemption or tax reduction for certain high-cost gas.), As Engrossed
Honorable Jane Nelson, Chair, Senate Committee on Finance
Honorable Jane Nelson, Chair, Senate Committee on Finance
Ursula Parks, Director, Legislative Budget Board
Ursula Parks, Director, Legislative Budget Board
HB2277 by Darby (Relating to the temporary exemption or tax reduction for certain high-cost gas.), As Engrossed
HB2277 by Darby (Relating to the temporary exemption or tax reduction for certain high-cost gas.), As Engrossed
No fiscal implication to the State is anticipated.
No fiscal implication to the State is anticipated.
The bill would amend Section 201.057 of the Tax Code, regarding the tax reduction for certain high-cost natural gas. The bill would allow the Comptroller to make the determination of the median drilling and completion cost for use in calculating the reduced high-cost natural gas tax rate at a date of the Comptroller's determination. Amendments to the drilling and completions cost report would not be allowed after March 1 of the year following the fiscal year in which the original application was made. The bill would clarify the current practice of providing applicable refunds for high-cost natural gas wells. The bill would remove references to expired tax exemptions. Because the bill would be codifying current policies and procedures as they pertain to the tax reduction for certain high-cost natural gas wells there would be no fiscal impact to the state. The bill would take effect September 1, 2017.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies: 304 Comptroller of Public Accounts
304 Comptroller of Public Accounts
LBB Staff: UP, KK, SD
UP, KK, SD