OKLAHOMA CITY (AP) - A Republican House member from Oklahoma City is proposing an adjustment to the state's tax on oil and natural gas production that would benefit companies that hire Oklahoma workers.
Rep. David Dank proposed a compromise on Thursday that would set the gross production tax rate for all oil and gas wells between 2 percent and 6 percent, depending on how many full-time workers each producer employs in Oklahoma.
Dank says the proposal would "reward companies that hire our Oklahoma neighbors." Dank says those companies that don't employ in-state workers would still enjoy a 6 percent rate.
The Legislature is considering whether to extend a tax incentive for horizontal drilling that lowers the rate to 1 percent. That incentive is costing the state hundreds of millions of dollars in lost revenue.
(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or email@example.com.