Natural Gas Valuation Bill Resurrected

Cheyenne, WY – A legislative committee has resurrected a bill that would change the way natural gas is valued for taxation. The measure was vetoed by Governor Freudenthal in 2003. The Governor said the measure expanded a tax deduction for companies that both produce and process natural gas. But supporters said it was designed to end litigation involving the state, counties and natural gas producers. The Joint Revenue Committee wants to take another look at the measure following testimony by the state's Revenue Department Director about problems with valuation.