Oil Extraction "Tigger on the Trigger" Tax Proposal has First Hearing

House Finance & Tax committee getting first hearing on HB 1476. The delayed bill is summed up as a "trigger on the trigger". If the big trigger is hit, which reduces the oil extraction tax, then this bill would go into effect. The triggers would be eliminated and the extraction tax would be permanently lowered to 4.5%. The total oil tax would go from 11.5% to 9.5%. Republican leadership stresses this brings stability to oil tax system & state. Democrats question policy move this late in session. It is day 71 of the 80 day limited legislative session.
This bill is expected to be voted on today in the House and have another hearing in the Senate tomorrow.