The bill introduces an exemption from severance taxes for crude oil and natural gas produced through enhanced oil recovery techniques that utilize carbon dioxide sourced from within Wyoming. Specifically, it amends existing tax rates and exemptions under W.S. 39-14-204 and W.S. 39-14-205, allowing for a reduction of one-half of the severance taxes imposed on qualifying production. The exemption is contingent upon the use of carbon capture, utilization, and storage technology, and the taxpayer must apply for the exemption through a prescribed process.

Additionally, the bill outlines specific definitions related to enhanced oil and gas recovery and mandates that the Wyoming Department of Revenue report annually on the exemption's usage and its revenue implications. The exemption is set to be available for qualifying production completed before July 1, 2032, and the act will take effect on July 1, 2024.

Statutes affected:
Introduced: 39-14-204, 39-14-205