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Economic Development

Background

The state’s role in encouraging job creation and economic growth.

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StateImpact on OETA: Possible Lawsuit Over Recently Signed Drilling Incentive

I was on Oklahoma News Report last week to discuss the controversial tax incentive for oil and gas drilling, which Gov. Mary Fallin signed on May 28. The bill is likely to draw a legal challenge from an Oklahoma City attorney, who says it’s a “revenue bill” that was passed without some of the legislative [...]

What Oklahomans Need to Know About the Escalating Oil and Gas Tax Debate

A tax credit for horizontal drilling expires next year, and, as we’ve reported, the looming deadline has spurred lawmakers to discuss overall changes to Oklahoma oil and gas taxes. Or, as State Treasurer Ken Miller puts it, an “opportunity to modernize the state’s energy tax policy.” A 7 percent tax is levied on most oil [...]

The Legacy and Challenges of a State Question That Shapes Bills Decades Later

When the 2014 legislative session starts Feb. 3, state lawmakers will face more than 2,000 bills and resolutions, and are expected to have $170 million less to spend than last year. They will also be confronted by agency heads, most of which will argue, publicly, for more money. Many of the bills under consideration this [...]

The Economic Impact of a Bunch of Thirsty Oklahoma Cows

Cattle is big business in Oklahoma. In 2013, the state ranked No. 5 in total heads of beef cattle — with 4.2 million heads that represent roughly 4.7 percent of the total U.S. cattle inventory, data from the U.S. Department of Agriculture show. But years of drought and high market prices are fueling a sell-off, [...]

Oklahoma Treasurer: Might be Time for State to Change Oil and Gas Taxes

State Treasurer Ken Miller spoke to reporters at a Monday press conference, which served as a year-end review of Oklahoma’s economy in 2013, and an early prediction of what the year ahead might hold. In short: Oklahoma saw modest economic growth in 2013, and early data makes him optimistic for 2014. Miller praised the tax [...]

Oklahoma House Speaker Wants to Make Horizontal Drilling Tax Break Permanent

Oklahoma House Speaker T.W. Shannon will author legislation to make permanent an oil and gas industry tax break for horizontal drilling. The incentive lowers gross production taxes from 7 percent to 1 percent for the first 48 months of production, and was installed in the ’90s to encourage the then-experimental type of drilling. Now days, [...]

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