OK legislature proposes raising taxes on oil companies - KSWO 7News | Breaking News, Weather and Sports

OK legislature proposes raising taxes on oil companies

OKLAHOMA CITY, OK (KSWO)- Democrats in the Oklahoma legislature are proposing to raise taxes on oil companies.

Right now, oil companies pay 2-percent in production taxes for the first three years of a well site in Oklahoma compared to four percent in Texas.

Officials with the Oklahoma Independent Petroleum Association say raising that tax could scare off companies thinking of coming to the state, while others say larger oil producers are coming to the state for cheap production and then leaving.

"They are taking the largest reserves and only paying 2 percent on it. They need to pay their fair share," explained Darlene Wallace of the Columbus Oil Company.

Members of the Oklahoma Energy Producers Association are asking lawmakers to raise the tax to its original rate of 7 percent. They say if it is raised to at least 5 percent, that could bring in $300 million to the state.

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