GAS REVENUE TAX-PHASE-OUT

Amends the Gas Revenue Tax Act. Provides that each July 1, beginning on July 1, 2008, the rate of the tax imposed for gas that is distributed, supplied, furnished, sold, or transported to a residential customer is reduced by $0.006 per therm until the rate of the tax is zero, but provides that, in no case, shall the tax be imposed with respect to gas that is distributed, supplied, furnished, sold, or transported to a residential customer on or after July 1, 2012. Effective immediately.