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Thu February 6, 2014
Oklahoma City Republican Proposes Drilling Tax Fix
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 Dank proposed 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.