The Iowa Governor signed a law establishing a severance tax on oil and gas production. The law imposes a tax equal to 6 percent of the fair market value of oil or gas at the wellhead, provides that owners are liable for their proportionate share of the tax, and allows taxpayers paying the tax to deduct the amount paid from royalty or other payments due to interest owners. The law also provides for the distribution of severance tax revenues to counties, road funding, environmental programs, and the taxpayer relief fund, and establishes administration and confidentiality requirements for severance tax information. ...