A House committee has advanced a proposal that would reduce the severance tax on oil extracted in the state by 4 percentage points over eight years, reports NOLA.com.
Rep. Beau Beaullieu, who sponsored House Bill 259, told the House Ways and Means Committee on Wednesday he hopes the bill will boost the oil industry by “(making) Louisiana a more attractive place to do business.” His goal is to “bring back the jobs, to grow production and ultimately grow what is coming into the state,” he said.
But some warn the tax cut proposed in HB 259, which would gradually step the rate down from 12.5% to 8.5%, will leave a gaping hole in the state’s budget. Read more.
