Oklahoma

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Oil and Gas Incentives

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Attorney Asks Oklahoma Supreme Court to Dismiss His Challenge to Oil and Gas Law

An Oklahoma City attorney who challenged the constitutionality of a bill that changed the effective tax rate levied on oil and gas drillers asked the Oklahoma Supreme Court on Monday to dismiss his lawsuit. From The Oklahoman‘s Rick Green: Jerry Fent, of Oklahoma City, told the court that “upon further consideration and for the benefit [...]

Head of Foundation Built by Oil Riches Says State Doesn’t Need Drilling Incentives

Oklahoma lawmakers are considering re-evaluating the value of tax incentives for oil and gas drilling, which totaled $321 million last fiscal year and helped smother state revenue growth, Secretary of Finance and Revenue Preston Doerflinger says. The oil and gas industry defends the tax credits, refunds and rebates. They’re not tax breaks, they’re “capital investment” [...]

An Argument Against State Tax Breaks for Oklahoma’s Oil and Gas Industry

A drilling rig near Edmond, Okla.

State tax breaks for Oklahoma’s oil and gas industry do little to encourage drilling, and amount to an unnecessary corporate subsidy, Oklahoma Policy Institute director David Blatt argues in a new issue brief. Installation of these tax credits began in the early 1990s to offset losses from new and risky production techniques, like horizontal and [...]

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