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Proposed tax changes for Louisiana oil & gas draw opposition
A proposal to simplify how Louisiana taxes oil and gas has drawn opposition from industry groups who say the changes could hurt natural gas producers.
Louisiana’s severance tax on oil – the amount the state charges on oil extracted in the state – is 12.5 percent.
That rate is higher than any other state except Alaska and triple the rate charged for natural gas, though when all taxes on oil are taken into account Louisiana is in the “middle of the pack,” said Greg Upton with the LSU Center for Energy Studies.
Several lawmakers have said they would like to lower the severance tax rate but don’t want to harm state finances by doing so. Upton on Tuesday told a legislative committee that state government could slash oil severance taxes while bringing in about the same amount of money by eliminating tax breaks and equalizing taxation on oil and natural gas.
By David Jacobs | The Center Square
(The Center Square) – A proposal to simplify how Louisiana taxes oil and gas has drawn opposition from industry groups who say the changes could hurt natural gas producers.
Louisiana’s severance tax on oil – the amount the state charges on oil extracted in the state – is 12.5 percent. That rate is higher than any other state except Alaska and triple the rate charged for natural gas, though when all taxes on oil are taken into account Louisiana is in the “middle of the pack,” said Greg Upton with the LSU Center for Energy Studies.
Several lawmakers have said they would like to lower the severance tax rate but don’t want to harm state finances by doing so. Upton on Tuesday told a legislative committee that state government could slash oil severance taxes while bringing in about the same amount of money by eliminating tax breaks and equalizing taxation on oil and natural gas.
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