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 for a qualified accountant, detailing requirements such as maintaining an active CPA license and participating in a Peer Review Program. Additionally, it specifies the necessary components of a well cost statement, which must be issued by a qualified accountant and include an opinion on the accuracy of the costs associated with completing the well.

The act also establishes that the well cost statement must adhere to generally accepted accounting standards and include various certifications and acknowledgments from the qualified accountant. The bill will take effect upon the governor's signature or after the designated period for bills to become law without a signature, as stipulated by the Louisiana Constitution. If the governor vetoes the bill but it is later approved by the legislature, it will become effective the day after that 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)