OKLAHOMA – Speaker T.W. Shannon announced today that he will introduce legislation to make permanent the one percent tax on horizontal drilling, ensuring the energy industry continues to thrive in Oklahoma.
“Some have suggested we should raise this tax or allow it to expire in order to bring more money in to the general fund and grow government,” said Speaker Shannon. “But I don’t believe in the tax more, spend more approach.
The current tax rate on horizontal drilling has been doing exactly what it was designed to do: encourage more drilling in Oklahoma.
Therefore, I believe we should make this rate permanent and send the message that Oklahoma is a place that welcomes the oil and gas industry, along with the jobs and economic development they bring to our great state.”
Speaker Shannon said he will put forth legislation this session that will make permanent the one percent tax on horizontal wells.