Two of the tax measures to be considered by a state House subcommittee this week deal with energy, including one calling for a reduction in the gross production tax on oil production.
Another bill by Rep. Brad Boles, HB1372, would reduce the gross production tax on recovery wells that are on the state corporation commission’s orphaned well list. He proposed a 50% reduction in the gross production tax to continue for a period of 36 months after which time the rate would increase to the full 7%.
The second measure, HB1427 by Rep. Jonathan Wilk, concerns tax credits on clean-burning motor vehicle fuel property placed in service.
“For clean-burning motor vehicle fuel property placed in service on or after the effective date of this act, an insurance company claiming a credit against state premium tax or retaliatory tax or any other tax imposed by Section 624 or 628 of Title 36 of the Oklahoma Statutes shall not be required to pay any additional retaliatory tax under Section 628 of Title 36 of the Oklahoma Statutes as a result of claiming the credit.”
The bills ae among several to be considered Thursday at 1:30 p.m. by members of the House Appropriations and Budget Finance Subcommittee.
