Legislative Oversight Committee Concerning Tax Policy. The
bill repeals the following infrequently used tax expenditures:
•
The crop hail insurance premium tax exemption (section 1 of the bill);
•
The in-state investment pre-1959 insurance premium tax deduction (section 1); •
The corporate condemnation capital gains income tax deduction (section 2);
•
The oil shale excess percentage depletion income tax deduction (section 2);
•
The mining and milling impact assistance corporate income tax credit (section 3);
•
The oil shale equipment and machinery severance tax deduction (section 4);
•
The oil shale processing severance tax deduction (section 4);
•
The oil shale severance tax rate reductions (section 4);
•
The oil shale noncommercial production severance tax exemption (section 4); and
•
The mineral and mineral fuels impact assistance severance tax credit (section 5). Sections 6 and 7 make conforming amendments.
