18. SB 290 - Bailey Amendment

Motion to table Amendment #1 by Bailey. 5/10/99 RV #34, pp. 547-48 The Bailey Amendment was tabled 101-45.

YCT Yea. The amendment would have imposed unworkable restrictions on the emergency tax relief bill for the distressed oil communities. Oil companies are taxed with an additional punitive tax while other large corporations are not. Oil companies, when oil prices are low, spend more money in taxes than they receive in profits. This severance tax is unique to the oil industry in Texas and should be repealed. This bill would temporarily allow oil companies to not pay the severance tax. YCT supports the repeal of the severance tax for oil and natural gas companies and opposes the Bailey Amendment because it would have restricted the oil companies ability to use this tax relief.