Taxes

The Colorado Oil and Gas Conservation Commission (COGCC) has adopted a mill levy rate increase in order to balance its budget amid revenue shortfalls caused by the Covid-19 pandemic and subsequent downturn in commodity pricing. Mill levies, the regulator’s main source of revenue, are property taxes whose rates are expressed in mills, which are equal…

The natural gas and oil industry in Texas paid more than $16 billion last year in combined state/local taxes and in royalties, the highest in history, according to the Texas Oil & Gas Association (TXOGA).

Alaska Lt. Gov. Kevin Meyer certified a ballot initiative last week that would end certain tax credits for oil and natural gas production in the state’s most prolific regions, and effectively increase tax rates.

A slowdown in oil and gas activity in Oklahoma between late 2014 and late 2016 created a $1.5 billion, or 15.4%, loss in total state tax revenue, according to a report released last month by the State Chamber of Oklahoma.

Pennsylvania Gov. Tom Wolf on Tuesday in the final budget address of his first term again called on a joint session of the General Assembly “to do the right thing” and pass a proposal to implement a severance tax on natural gas production.

With comprehensive tax reform winning passage in the Republican-controlled Senate on Saturday, lawmakers in the House, where the GOP also holds sway, are preparing to hold conference committee talks to iron out differences, including on energy issues, between bills passed in the House and Senate.

Idaho’s effective tax rate on oil and natural gas is less than half the average in eight producing states spread around the West, according to a report released Thursday by the state Department of Lands’ Oil/Gas Conservation Commission (OGCC).

The Mexican government is taxing Petroleos Mexicanos (Pemex) to death, and a recently adopted support package to prop up Pemex is not enough, Fitch Ratings said in a note last week.

West Virginia tax collections continued falling through the first three months of the fiscal year in a trend that state officials again attributed to weak commodity prices, which have negatively impacted the oil and natural gas industry.