Fallin Signs Energy Tax Bill
Oklahoma Gov. Mary Fallin signs oil production tax bill Wednesday
by Adam Wilmoth, NewsOK.com
Gov. Mary Fallin on Wednesday signed legislation that will set the state’s oil and natural gas gross production tax at 2 percent for the first 36 months of production.
The new tax rate will become effective July 1, 2015, when the existing tax program is set to expire.
“The energy industry is the leading driver of economic growth and job creation in Oklahoma,” Fallin said. “Approximately one in four Oklahomans have a job and a salary because of our energy producers. They are part of the fabric of this state, and we rely on them, not just for continued growth and prosperity, but to support everything from our charity organizations to our sports teams.”
Oklahoma Secretary of Finance, Administration and Information Technology Preston L. Doerflinger said HB 2562 was the result of successful talks between the oil and gas industry, legislative leaders and the governor.