OKLAHOMA CITY (AP) — The Oklahoma House has voted to cap a tax incentive for oil and natural gas wells.
The House voted 93-2 for the measure Thursday and sent it to the Senate.
The measure caps a tax credit for so-called “at-risk” wells because they produce little profit. It allows producers to recoup nearly all of the taxes paid on production.
Republican House Speaker Jeff Hickman of Fairview says the bill caps the credit at a total of $12.5 million and requires that oil wells produce 10 barrels a day or less to qualify. Hickman says the measure will restore about $120 million in revenue for schools and other services.
The bill is among several lawmakers say will help fill a $1.3 billion hole in next year’s budget.
House Bill 1577: http://bit.ly/1TKaOuK
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