Fix Defects Related To Severance Withholdings
Under current law, a producer or purchaser is required to withhold an amount from each disbursement made to an interest owner in any oil and gas produced in the state and pay this amount to the department of revenue. The act fixes defects related to this law by:
- For purposes of electronic payments, replacing a cross-reference to a repealed subsection with a reference to the current statutory requirement;
- Expanding the defined term "producer" to be "producer or purchaser" to eliminate a redundancy in the law; and
- Repealing extraneous references to "oil shale" from the definition.
The act also repeals obsolete filing requirements that applied prior to July 1, 2007.
(Note: This summary applies to this bill as enacted.)