A Republican House member from Oklahoma City is proposing an adjustment to the state's tax on oil and natural gas production that would benefit companies that hire Oklahoma workers.
Rep. David Dankproposed a compromise on Thursday that would set the gross production tax rate for all oil and gas wells between 2 percent and 6 percent, depending on how many full-time workers each producer employs in Oklahoma.
Dank says the proposal would "reward companies that hire our Oklahoma neighbors." Dank says those companies that don't employ in-state workers would still enjoy a 6 percent rate.
The Legislature is considering whether to extend a tax incentive for horizontal drilling that lowers the rate to 1 percent. That incentive is costing the state hundreds of millions of dollars in lost revenue.
--------------------------
KGOU produces journalism in the public interest, essential to an informed electorate. Help support informative, in-depth journalism with a donation online, or contact our Membership department.
