Okla. oil tax breaks double estimate
Copyright Getty Images
Posted: 02/16/2012
OKLAHOMA CITY (AP) -- New figures from the Oklahoma Tax Commission show a tax break for the oil and gas industry will cost more than originally planned, leaving Oklahoma with a $48 million hole in next year's budget.
Oklahoma planned to repay $150 million in tax breaks over three years beginning July 1. Figures obtained by The Associated Press on Thursday show the state owes $294 million.
In 2010, facing a fiscal crisis, legislators authorized a two-year plan to boost oil and gas drilling. More wells were drilled than the state projected, so Oklahoma now owes producers more.
Senate President Pro Tem Brian Bingman says it's "good news, bad news" -- good because drilling is up but bad because the state must repay a bigger bill for two years' worth of drilling incentives.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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