This bill enacts a new provision under R.S. 47:633(7)(e) concerning severance tax rates on oil and gas in Louisiana. It introduces specific definitions related to the computation of severance tax amounts, including terms such as "Payout of well cost," "Qualified accountant," and "Well cost statement." The bill outlines the qualifications required for a qualified accountant, detailing the necessary credentials and the standards that must be adhered to when preparing a well cost statement. This statement must be issued by an unrelated qualified accountant and include various certifications and acknowledgments to ensure transparency and accuracy in reporting costs associated with well completion.

The legislation aims to clarify the process for determining severance tax exemptions and establishes a framework for the documentation required to support these exemptions. The bill will take effect upon the governor's signature or, if not signed, after the designated period for bills to become law without signature. If the governor vetoes the bill but it is later approved by the legislature, it will become effective the day after such approval.

Statutes affected:
HB25 Original: 30:87(A), 47:4(E), 47:645(A), 47:1624(A)(1), 47:1624(A)(2)
HB25 Engrossed: 30:87(A), 47:4(E), 47:645(A), 47:1624(A)(1), 47:1624(A)(2)
HB25 Reengrossed: 30:87(A), 47:4(E), 47:645(A), 47:1624(A)(1), 47:1624(A)(2)