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HB 506 - Reduces Severance Tax Rate for Oil - Louisiana Key Vote

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Title: Reduces Severance Tax Rate for Oil

Vote Smart's Synopsis:

Vote to pass a bill that reduces the severance tax rate for oil over a certain period of time, and authorizes the reduction of the severance tax rate on natural gas.

Highlights:

 

  • Specifies that taxes on oil will be determined on the quantity or value of the product and will be paid at the following rates (Sec. 1):

    • 12.5 percent for taxable periods between January 1, 2020, and July 1, 2021;

    • 12 percent for taxable periods between July 1, 20201, and July 1, 2022;

    • 11.5 percent for taxable periods between July 1, 2022, and July 1, 2023; 

    • 11 percent for taxable periods between July 1, 2023, and July 1, 2024; 

    • 10.5 percent for taxable periods between July 1, 2024, and July 1, 2025; 

    • 10 percent for taxable periods between July 1, 2025, and July 1, 2026; 

    • 9.5 percent for taxable periods between July 1, 2026, and July 1, 2027; 

    • 9 percent for taxable periods between July 1, 2027, and July 1, 2028; and

    • 8.5 percent for taxable periods between July 1, 2028, and July 1, 2029.

Full Bill Text

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