What’s causing the drop in tax revenues from oil and gas? According to OK Policy: Low natural gas prices, tax credits for energy companies, and the fact that Oklahoma isn’t collecting taxes on horizontal drilling
Although it is unlikely that the state will face budget shortfalls requiring mid-year cuts, the weakness in gross production collections is significantly impairing our efforts to fund the public services that enable our families, communities and businesses to prosper. Our elected leaders must take action during the 2013 legislative session to address our disappearing gross production taxes by curbing tax preferences for horizontal and deep well drilling.
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