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Severance tax bill advances to full House

Posted at 9:53 PM, May 05, 2020
and last updated 2020-05-05 22:53:05-04

As the state is battling an uncertain economic future, a bill that would reduce severance taxes on oil companies is going to the full House.

According to The Advocate, House Bill 506 would cost the state an estimated $151 million over the next five years, by reducing the severance tax rate by a half percent every year for the next eight years.

Opponents say that is money that local governments can't afford to lose.

Supporters say it will give oil companies an incentive to create more jobs in the state.

Read more from The Advocate here.

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