This bill amends the reporting requirements for the severance tax exemption related to tertiary oil production in Wyoming. Specifically, it establishes that tertiary production projects certified by the Wyoming oil and gas conservation commission between July 1, 2026, and July 1, 2031, will be exempt from severance taxes for five years from the date of first production. The bill mandates that starting November 1, 2026, and annually until November 1, 2036, the oil and gas conservation commission and the department must report to the joint revenue interim committee and the joint minerals, business and economic development interim committee.

The required reports will detail various aspects of the qualifying tertiary production, including the amount produced, the number of operators and wells involved, the severance taxes paid, the taxes exempted under this provision, and any ad valorem and sales taxes associated with the production. This legislative change aims to enhance transparency and oversight regarding the economic impact of the severance tax exemption on tertiary oil production in Wyoming. The act is set to take effect immediately upon the completion of all necessary legislative processes.

Statutes affected:
27LSO-0019 v0.4: 39-14-205