Tom Wolf and the "Extraction Tax"
TV ads are saying Pa governor hopeful Tom Wolf wants to enact an Extraction Tax against drillers in Pa.
What affect do you think this will have on O&G companies wanting to drill and what affect will this have on our royalties, especially those with a net lease?
Is this tax already in effect in Ohio or WVa or Texas for that matter? Is this considered an ad valorum tax?
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Replies to This Discussion
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Permalink Reply by mark ondrusek on
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tom wolf scares the hell out of me! his commercial w school kids telling them how we should tax the big bad business men should be a red flag for all. if he is elected he will take us down the same path as new York!
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Corbett will get around 10% of the votes.
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you won't have to worry about the drillers. they won't be here. other shale areas are being discovered.
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Permalink Reply by RB on
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Good for you, Matthew, for asking. Let's face it, the tax is always passed on, just sometimes it is hidden. Meanwhile we have no protection on these deductions. Why do I get a feeling once everyone gets their piece of the pie, there won't be much left for the good will landowners.
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Permalink Reply by pg guy on
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One of the problems in PA is that the corporate income tax is much higher than many states that have some sort of ad valorum or severance tax. I have heard that PA's corp income tax is higher than the combined severance and income taxes rates of many other states. It will definitely be a drag on investments in O&G in PA if a severance tax is piled onto the tax mix, and we also already have the "impact fee".
In the last few days there are articles about O&G investment swinging back toward the GOM, where landowner headaches, community opposition, etc are minimal.........
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Permalink Reply by deer spotter on
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To many taxes and the E&P companies will leave for other proven shale plays. Eagle Ford Shale in Texas is a very good oil shale, Texas does have a serverance tax however I dont think the have any state sales tax. Is PA. going to have both a 6% sales tax and a 6% serverance tax? The Bakken oil shale in North Dakota a shallow play and cheaper to produce. The point is PA. is not the only player in the game.
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Permalink Reply by craig on
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I do believe that some (if not most) of the states that have severance taxes also collect nothing until a certain threshold is reached... not sure but I think it was time not volume. The idea is so that the companies can get back their original investment before paying it.
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elect democrats and kill our economy. simple arithmetic. rino's are bad too.
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the economic destruction we are on the verge of will play in the election. numerous economists are waiting for march numbers.
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Permalink Reply by JRW on
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its very hard for me to think a tax will move gas co. to a state that has the tax in place.
all the corps. are in deleware protected from taxes.
the doom and gloom predicted when obama got elected never came to pa. it olny got better.
my thoughts , if you want a poltical battle about them it will not happen.
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the doom and gloom predicted is coming true.
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Permalink Reply by Brian Woodcock on
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If he were smart, but I doubt it, he should add royalty fairness for the leasees. No deductions for 12.5% ers. He would walk away with it.
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