Oklahoma Senate GOP says OK to oil and gas tax hike

Oklahoma Senate GOP says OK to oil and gas tax hike
Posted at 12:38 PM, Oct 26, 2017
and last updated 2017-10-26 13:38:58-04

OKLAHOMA CITY (AP) -- The Republican-controlled Oklahoma Senate indicated it would be willing to double the current production tax on oil and gas wells as a way to break a stalemate to fix a $215 million budget hole.

Senators approved a resolution Thursday urging their colleagues in the House to push through a package of tax hikes that includes a 4 percent tax rate on all new oil and gas wells.  The current rate is 2 percent.

The Senate adopted the resolution on a voice vote, suggesting they will have enough votes to increase the gross production tax.

House Republicans put forth a series of tax hikes in a bill Wednesday that fell short of the three-fourth's majority needed for approval. Democrats refused to back it without a production tax increase.

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