Taxbreaks for Homeowners Harmed by Man-Made Earthquakes

State Rep. Mike Shelton, (D-OKC) figures if the oil and gas industry gets huge tax breaks from the Oklahoma legislature, then homeowners who bought insurance because of earthquakes should get a break too.

He plans to file such a bill in the coming legislative session to help Oklahomans harmed by the earthquakes.

“I think this is only fair, since the state of Oklahoma has forced these man-made earthquakes on us,” said Shelton in explaining why he is introducing the measure. “The Legislature has authorized huge tax breaks ford the oil and gas industry, so I think property owners who have been harmed by earthquakes triggered by energy industry wastewater disposal wells should get a tax benefit too.”

Under his bill, those who bought earthquake insurance would also get an income-tax credit equal to the cost of the coverage premium.



   

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