Lawmakers want taxes sooner from oil, gas, coal
December 3, 2015
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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“If people are really concerned about the budget, one thing you should do is pass a bill like this. Every single month there is going to be money flowing into counties’ coffers, whereas before you were as much as 22 months behind, and at least 10 months behind. It’s no more complicated than that.”Larry Wolfe, former energy lobbyist & bill proponent