Repeal Of Infrequently Used Tax Expenditures

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.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)