1995 vol. III 2105 (1995)

handle is hein.ssl/ssmt0018 and id is 1 raw text is: MONTANA SESSION LAWS 1995

CHAPTER NO. 451
[SB 412]
AN ACT GENERALLY REVISING THE TAXATION OF OIL AND NATURAL
GAS; ELIMINATING THE OIL AND NATURAL GAS NET PROCEEDS TAX,
THE LOCAL GOVERNMENT SEVERANCE TAX, THE STATE OIL AND GAS
SEVERANCE TAX, AND THE OIL AND GAS PRIVILEGE AND LICENSE
TAX; IMPOSING OIL AND NATURAL GAS PRODUCTION TAXES BASED
ON THE TYPE OF WELL AND TYPE OF PRODUCTION; PROVIDING FOR
THE DISTRIBUTION OF OIL AND NATURAL GAS PRODUCTION TAXES;
PROVIDING A DISBURSEMENT TO SCHOOL DISTRICTS AND LOCAL
GOVERNMENTS TO REPLACE NET PROCEEDS AND LOCAL
GOVERNMENT SEVERANCE TAX REVENUE; EXEMPTING OIL AND
NATURAL GAS PRODUCTION FROM THE RESOURCE INDEMNITY
TRUST TAX; PROVIDING AN ALLOCATION OF OIL AND NATURAL GAS
PRODUCTION TAX REVENUE FOR THE PURPOSES OF THE MONTANA
RESOURCE INDEMNITY TRUST AND GROUND WATER ASSESSMENT
ACT; PROVIDING FOR THE ACCELERATED PAYMENT OF LOCAL
GOVERNMENT SEVERANCE TAXES FOR PRODUCTION YEAR 1995;
AUTHORIZING COUNTIES TO ESTABLISH AN OIL AND NATURAL GAS
ACCELERATED TAX FUND; ALLOWING SCHOOL DISTRICTS TO USE
ACCELERATED LOCAL GOVERNMENT SEVERANCE TAX PAYMENTS
FOR ANY BUDGET PURPOSE; AMENDING SECTIONS 7-1-2111, 7-7-2101,
7-7-2203, 7-14-2524, 7-14-2525, 7-16-2327, 15-1-501, 15-6-208, 15-16-102,
15-23-103, 15-23-104, 15-23-106, 15-23-115, 15-38-105, 15-38-121, 15-38-202,
17-7-502, 20-9-104, 20-9-141, 20-9-161, 20-9-331, 20-9-333, 20-9-501, 20-9-507,
20-10-144, 20-10-146, 82-11-118, 82-11-135, AND 82-11-162, MCA;
REPEALING SECTIONS 15-16-121, 15-23-601, 15-23-602, 15-23-603,
15-23-605, 15-23-606, 15-23-607, 15-23-608, 15-23-609, 15-23-610, 15-23-611,
15-23-612, 15-23-613, 15-23-614, 15-23-621, 15-23-631, 15-36-101, 15-36-102,
15-36-103, 15-36-104, 15-36-105, 15-36-106, 15-36-107, 15-36-108, 15-36-109,
15-36-110, 15-36-112, 15-36-113, 15-36-114, 15-36-120, 15-36-121, 15-36-122,
15-36-126, 82-11-131, 82-11-132, AND 82-11-133, MCA, AND CHAPTER 33,
LAWS OF 1995; AND PROVIDING EFFECTIVE DATES AND
APPLICABILITY PROVISIONS.
STATEMENT OF INTENT
(1) A statement of intent is required for this bill because [section 16] grants
the department of revenue authority to adopt rules for the implementation and
administration of the new production taxes imposed on oil and natural gas.
(2) The legislature contemplates that rules adopted by the department
should, at a minimum, address the following:
(a) the forms and other documents required for the reporting and payment
of the oil and natural gas production tax;
(b) the definition and clarification of the categories of oil and natural gas
subject to taxation;
(c) the requirements for the maintenance of records and other documents
required to ensure proper payment of oil and natural gas production taxes;

2105

Ch. 451

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