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Repeal Of Infrequently Used Tax Expenditures

Concerning the repeal of infrequently used tax expenditures.
2023 Regular Session
Fiscal Policy & Taxes
Bill Summary

The act repeals the following infrequently used tax expenditures:

  • The crop hail insurance premium tax exemption (section 1 of the act);
  • 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).

APPROVED by Governor March 23, 2023

EFFECTIVE August 7, 2023

NOTE: This act was passed without a safety clause and takes effect 90 days after sine die.
(Note: This summary applies to this bill as enacted.)


Became Law


Bill Text

  • All Versions (7 )
    Date Bill Type Documents
    03/23/2023 Signed Act PDF
    03/16/2023 Final Act PDF
    03/10/2023 Rerevised PDF
    03/09/2023 Revised PDF
    02/13/2023 Reengrossed PDF
    02/10/2023 Engrossed PDF
    01/27/2023 Introduced PDF

The effective date for bills enacted without a safety clause is August 7, 2024, if the General Assembly adjourns sine die on May 8, 2024, unless otherwise specified. Details