Aug 16, 2011 10:37 AM by Lauren Wilson & AP
ABBEVILLE, La. (AP) - The Vermilion Parish Police Jury has passed a resolution opposing a move by the Louisiana Oil and Gas Association and Louisiana Mid-Continent Oil and Gas Association to try to have the state reduce the value of subsurface oil and gas equipment.
The Advocate reports the move was taken Monday at the recommendation of Parish Tax Assessor Kathy Broussard, who said the move would hurt the parish financially.
Broussard said the reduction would cost the parish $5 million annually.
In a telephone interview, LOGA President Don Briggs said the move was not designed to hurt parishes financially.
He said years ago, the equipment had value when drill pipe and other equipment could be pulled out of a well and resold, but that is no longer the case.
8 hours ago