The proposed increase to 7% severance tax does not only affect the producer, but also the landowner, unless you are one of the few lucky ones, whose lease shifts the payment to the company. Tell your state legislators to somehow give landowners a credit or exemption to all or a portion of this increase. Besides paying state income tax on the untaxed portion, you now must pay a severance tax, basically it would be over 13.5% to the state for your production if you combine the severance tax and the state income tax maximum rate. Let your legislators know how you feel. This is to be enacted within 45 days. Thank you.
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If landowners do not rally together this tax will be enacted if it is not already!!!!
Noticed it was a post from March...
More socialism from the republican governer. Redistribution of wealth!