Louisiana oil tax cut passes state House

The severance tax for such wells that have been inactive for two years or more is currently 50%. HB 418 would cut it to 25%, and it would bring the rate for wells orphaned for over 60 months from 25% to 12.5%. The law would cost the state about $1.6 million in revenue over the next 5 years, according to the bill's fiscal note. HB 259, which only applies to oil wells and not gas wells, is expected to have a much bigger fiscal impact. Currently, Louisiana taxes oil extracted...