The bill introduces a new tax credit for the production of crude oil and natural gas derived from tertiary production and enhanced oil recovery techniques. Specifically, it amends W.S. 39-14-209(d) by adding a new paragraph that outlines the eligibility criteria and conditions for this credit. Taxpayers can apply for the credit if their production utilizes carbon capture, utilization, and storage technology, with operations commencing on or after January 1, 2025. The credit is set at $10 for each ton of carbon dioxide used in the production process, with a cap on the total credit amount based on the severance tax owed by the taxpayer.

Additionally, the bill mandates that the Wyoming Department of Revenue report annually to the joint revenue and minerals committees regarding the utilization of these credits and their revenue implications. The department is also authorized to create rules necessary for implementing the provisions of this new credit. The act is scheduled to take effect on July 1, 2024.

Statutes affected:
24LSO-0354 v0.3: 39-14-209