Vote Smart's Synopsis:

Vote to pass a bill that reduces the oil and gas production tax rate from 25 percent to 15 percent for certain oil and gas producers, effective July 1, 2011.

Highlights:

• Reduces oil and gas production tax rates for oil and gas produced during the first 7 consecutive years after the start of sustained production or the first 7 years after the effective date of this act, whichever is later, from leases or properties containing land that had not been in commercial production prior to December 31, 2008, from 25 percent to 15 percent of the annual production tax value (Sec. 6).
• This act is effective July 1, 2011 (Sec. 36).

Full Bill Text