Okla. State Chamber to weigh in on oil and gas tax
Ponca City Now - January 14, 2014 6:28 am
OKLAHOMA CITY (AP) – An association that represents some of Oklahoma’s largest businesses and industries is expected to weigh in on the state’s tax policy concerning the oil and gas industry in Oklahoma.
An economic researcher hired by the State Chamber is expected to release a study Tuesday on oil and gas tax policies.
A key issue for lawmakers in the upcoming legislative session is a generous tax incentive the state offers for horizontal drilling that drops the tax rate from 7 percent to 1 percent for the first 48 months of production. Because horizontal drilling has become the norm, the incentive is costing the state hundreds of millions of dollars in tax revenue each year.
The incentive is set to expire in 2015.