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How Low Oil Prices Could Block an Oklahoma Tax Cut

ok-pumpjack

Gov. Mary Fallin in April 2014 signed into law a measure designed to gradually lower Oklahoma’s top income tax rate to 4.85 percent from 5.25 percent. But those income tax cuts only go into effect if Oklahoma’s revenues rise, and the slumping price of crude oil — $63.57 per barrel of West Texas Intermediate at [...]

Inside the State Supreme Court Hearing on Lawsuit Over Oil and Gas Tax Rate

A lawsuit over recently signed legislation that changes state oil and gas tax rates will be heard by the Oklahoma Supreme Court today, a constitutional challenge that could have broad impact on industry and legislative procedure. I broke down the lawsuit on an Oklahoma News Report segment with OETA’s Dick Pryor, which you can watch [...]

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 [...]

Gov. Mary Fallin Signs Controversial Tax Incentive for New Oil and Gas Wells

Gov. Mary Fallin on Wednesday signed a bill that makes permanent a generous tax incentive for new oil and gas drilling. The controversial measure, House Bill 2562, was forged as lawmakers and energy company executives debated the appropriate tax rate for the industry, which drives much of the state’s economy. Oil and gas groups lobbied [...]

Three of Oklahoma’s Largest Oil Companies’ Plan for How the State Should Tax Them

An Oklahoma pump jack.

Executives at Chesapeake Energy, Continental Resources and Devon Energy have proposed a plan for Oklahoma’s taxes on oil and natural gas production. The proposal comes as legislators are debating state oil and gas taxes, which include an incentive for horizontal drilling that expires next year. The Oklahoman‘s Adam Wilmoth reports: The newest proposal would change [...]

OK Policy Poll: Voters Oppose Tax Incentives for Horizontal Drilling

A new poll shows 64 percent of Oklahoma voters oppose state tax incentives for horizontal drilling and support eliminating the incentive to pay for other government services. Oklahoma levies a 7 percent tax on oil and gas production, but the horizontal drilling incentive lowers the rate to 1 percent for the first 48 months of [...]

Why One Oklahoma Oil Executive Doesn’t Think Oil and Gas Tax Cuts Are Needed

Don Millican, the Chief Financial Officer of Kaiser-Francis Oil Company.

The Kaiser-Francis Oil Company has a lot in common with other storied Oklahoma energy empires. The company has by-the-bootstrap entrepreneurial origins, it’s been battered by boom and bust, and it’s helmed by a billionaire CEO who has weathered controversy and been showered with praise. But the Tulsa-based exploration and production company is unique in one [...]

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 [...]

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