Posted: 12:00 a.m. Sunday, Oct. 7, 2012
By AP AP
BC-US—Broken Budgets-Taxing Drillers-Glance, ADV03,227
Recent oil and gas tax proposals in the states
FOR RELEASE WEDNESDAY, OCTOBER 3, 2012, AT 12:00 P.M. EDT. Adv03 %reldate(2012-10-03T16:00:00
Eds: With BC-US—Broken Budgets-Taxing Drillers.
By The Associated Press
The status of some states’ proposals to change oil and gas severance taxes since 2011:
• ALASKA: Governor’s proposed oil tax cuts failed to gain approval.
• FLORIDA: Oil production taxes reduced to offset technological costs of extraction.
• IDAHO: Replaced an existing oil tax with a 2.5 percent conservation tax on the market value of all oil and gas produced.
• MARYLAND: Two proposals to raise the natural gas severance tax died.
• MISSISSIPPI: Proposal died that would have changed the way oil taxes are distributed at the state and county levels.
• NORTH CAROLINA: Environmental agency ordered to study economic and tax implications of oil and gas exploration.
• NEW MEXICO: Proposed increases on oil and gas production died.
• OHIO: Governor’s proposed severance tax increase on oil, natural gas and natural gas liquids is in negotiation as session continues.
• OKLAHOMA: Changed tax exemptions on new horizontally drilled and deep wells.
• PENNSYLVANIA: Attempts to craft a new production tax on natural gas failed to gain approval, as lawmakers opted to impose impact fees instead.
• VIRGINIA: A proposal to retroactively enact local notification and appeals provisions for coal, gas and road improvement taxpayers back to 2008 fizzled.
• WEST VIRGINIA: Tax increase on natural gas failed to gain approval, but permit fees were raised.
Sources: National Conference of State Legislatures, AP research