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Tax Credits for Oil and Gas to Continue

Filed by Michael Cross in Feature, Local News, News, Politics.
September 29, 2011

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The chairman of a task force studying tax breaks for corporations in Oklahoma says he doesn’t expect any changes for the oil and gas industry.

State Representative David Dank says tax credits to oil and gas exceed $100 million, but the contribution to the budget can be nearly $1 billion in some years.

The Oklahoma City Republican says without the oil and gas industry the state’s economy would resemble a third world country.

“They actually save farms and ranches through royalty payments to the people out in the rural areas. They generate income to the rural areas with jobs and drilling.”

The Task Force is spending the interim looking at tax credits for everything from home offices to electric cars to storm shelters.

The group made up of lawmakers and state officials is scheduled to meet through December.

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