Vote Smart's Synopsis:

Vote to pass a joint resolution that eliminates the severance tax on certain natural resources and authorizes a hydrocarbon processing tax.

Highlights:

-Rescinds the severance tax on the following (Sec. 1):

-oil; -distillate, condensate, or similar natural resources mixed with oil or gas; and -natural gas based on equivalent gas volumes, natural gasolines, casinghead gasoline, and other natural gas liquid, including, but not limited to ethane, methane, butane or propane.

-Authorizes a hydrocarbon processing tax to be imposed upon oil, gas, or sulphur leases or rights (Sec. 1). -Specifies that any hydrocarbon processing tax revenues be distributed to any governing authority of a parish or to any fund entitled to a distribution of the severance tax on oil and gas so that such authority or fund shall receive the same amount to which the authority or fund would have been entitled before the severance tax was reduced or repealed (Sec. 1). -Specifies that the remaining revenue be distributed as follows (Sec. 1):

-one third shall be appropriated to the Department of Transportation and Development to be spent on the construction, reconstruction, or repair of state highways, roads, or bridges; -one third shall be deposited in the Coastal Protection and Restoration Fund; and -one third shall be appropriated by the legislature solely to or for the use of primary and secondary schools, colleges, and universities, and other post secondary education institutions.

Full Bill Text