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Is it a good idea to lower taxes on oil production in Louisiana? Legislature starts fast on bill

Source: https://theadvocate.com/baton_rouge/news/coronavirus/article_f99ef83e-8e33-11ea-92a9-2721ef2d6f3f.html - May 5, 2020

Though state government is facing a huge drop in revenues because of the coronavirus pandemic, almost the first legislation that moved out Monday from the Louisiana House tax committee was a bill to reduce the severance tax charge on the production of oil.

House Bill 506 would reduce the severance tax rate by a half percent each year for the next eight, taking an estimated $151.4 million out of state collections over the next five years.

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Category: General Business