Post by pavel on May 12, 2016 23:08:08 GMT -6
Oklahoma Senate passes bill to end tax break for at-risk wells
The Oklahoma Senate passed a bill Thursday to eliminate a state tax break for economically distressed oil and natural gas wells.
This could save the state nearly $133 million next fiscal year as the downturn in the oil industry has greatly increased the number of financially risky wells. In good times for the industry, the cost to the state was only about $4 million a year.
Senate Bill 1577, which is now to be considered in the House, was approved 37-6.
In a year in which the state faces a $1.3 billion budget hole, this tax provision simply got too expensive, bill proponents said.
Read more: newsok.com/oklahoma-senate-passes-bill-to-end-tax-break-for-at-risk-wells/article/5497693
The Oklahoma Senate passed a bill Thursday to eliminate a state tax break for economically distressed oil and natural gas wells.
This could save the state nearly $133 million next fiscal year as the downturn in the oil industry has greatly increased the number of financially risky wells. In good times for the industry, the cost to the state was only about $4 million a year.
Senate Bill 1577, which is now to be considered in the House, was approved 37-6.
In a year in which the state faces a $1.3 billion budget hole, this tax provision simply got too expensive, bill proponents said.
Read more: newsok.com/oklahoma-senate-passes-bill-to-end-tax-break-for-at-risk-wells/article/5497693