Lawmakers want taxes sooner from oil, gas, coal | TSLN.com
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Lawmakers want taxes sooner from oil, gas, coal

Gregory Nickerson

Lawmakers want to rewrite a law that has allowed energy companies to earn millions of dollars by holding and investing tax revenue owed to the state, while school districts and counties often borrow in anticipation of payment.

A legislative committee last month voted to sponsor a bill that would require mineral companies to pay state ad valorem property taxes on a monthly basis instead of twice yearly. Proponents say it would help smooth out cash flow for school districts and counties, which sometimes borrow money or run short on cash as they wait for the mineral tax revenue to come in.

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