Severance tax cut squeaks by in Wyoming Senate
CHEYENNE — Debate continued on the Wyoming Senate floor Wednesday before senators narrowly passed a bill to reduce severance taxes on oil and gas production.
Senate File 98 would provide a 50 percent rate reduction for oil and gas in the third and fourth years of production.
Senate Majority Floor Leader Drew Perkins, R-Casper, the bill’s sponsor, said industry leaders and legislative proponents believe it would incentivize increased production in the state. He cited figures that suggested Wyoming’s overall tax rate for oil and gas production was the highest among all states.
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But Sen. Cale Case, R-Lander, said another “world-class study” from around 20 years ago stood counter to the information Perkins cited. It wasn’t the first time Case argued passionately that he feels there’s not enough evidence to support cutting taxes for oil and gas production at this time.
Read more: http://www.gillettenewsrecord.com/news/wyoming/article_0adcaefd-bfb9-5c9a-8bd2-5f50ff40b43d.html