HYDROCARBON SALE S.B. 785: FLOOR ANALYSIS
Senate Bill 785 (as reported without amendment) Sponsor: Senator George A. McManus
Committee: Natural Resources and Environmental Affairs
The bill amend the Natural Resources and Environmental Protection Act to exempt from the Michigan Natural Resources Trust Fund money received by the State from the sale of its economic share of royalty interests in hydrocarbons derived from Devonian or Antrim shale and allocable to the nonconventional fuel credit contained in Section 29 of the Internal Revenue Code.
The bill is tie-barred to Senate Bills 784 and 786. Senate Bill 784 (S-3) would amend the Act to allow the Department of Natural Resources to sell the economic share of royalty interests it holds in hydrocarbons produced from Devonian or Antrim shale qualifying for the nonconventional fuel credit in the Internal Revenue Code. Senate Bill 786 would amend Public Act 48 of 1929 to exempt income received from these hydrocarbons from the severance tax.
MCL 324.1902 Legislative Analyst: S. Margules
Please see FISCAL IMPACT for Senate Bill 784.
Date Completed: 12-7-95 Fiscal Analyst: G. Cutler
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This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.