TAX/SEVERANCE TAX: Reduces severance tax rates on oil and gas produced from inactive wells and orphan wells (EN -$900,000 GF RV See Note)

HB 418 amends the state severance tax law to lower tax rates on oil and gas extracted from inactive wells and orphan wells. The bill applies these reduced rates to taxable periods starting on or after October 1, 2024, and ending on September 30, 2028. This change directly affects the revenue collected by the state from these specific types of well production.