Oil produced from wells that on average produce 15 barrels per
day or less of oil and gas produced from wells that on average produce 90,000 cubic feet or less per day of gas are commonly referred to as stripper wells and are currently exempt from the state severance tax. Section 2 of the bill repeals the stripper well severance tax
exemption beginning in 2025 and removes outdated language applicable only to taxable years prior to 2000. Sections 3 and 4 make conforming amendments.
