Taxes

The Inflation Reduction Act of 2022 (IRA) could more than double the amount of carbon dioxide (CO2) emissions that can economically be abated via carbon capture, storage and utilization (CCUS), according to modeling by Enverus. Natural gas-fired power plants, oil refineries and upgraders, as well as cement production, are among the emitting sources that would…

The House on Friday passed the Senate-approved Inflation Reduction Act of 2022 (IRA) by a margin of 220-207, clearing the way for President Biden to sign the landmark climate and energy bill into law.  The legislation includes investing an estimated $370 billion to decarbonize domestic energy and transport sectors, and it targets a roughly 40%…

Texas’ natural gas production tax garnered $413 million for the state in May, representing a 216% year/year increase and an all-time high for the levy, the Texas Comptroller of Public Accounts said Wednesday. The state took in $595 million from its oil production tax in May, up 64% year/year, the Texas Comptroller’s office added. Much…

The Canadian government made a commitment Thursday to help cover expenses of reducing industrial greenhouse gas (GHG) emissions by providing investment tax credits for carbon capture, utilization and storage (CCUS). The 2022 federal budget plan presented by Finance Minister Chrystia Freeland set CCUS tax credit rates of 60% for direct air capture systems, 50% for…

Texas’ oil and natural gas industry paid $15.8 billion in state and local taxes and state royalties in Fiscal Year (FY) 2021, with school districts and counties in the Permian Basin and Eagle Ford Shale the top beneficiaries, according to the Texas Oil and Gas Association (TXOGA). “Despite an incredibly difficult two years, the Texas…

Alberta natural gas and oil producers predict their annual taxes will drop by C$85 million ($64 million) thanks to provincial and municipal reductions announced Monday as a response to the Covid-19 andemic. The relief program for exploration and production (E&P) companies cuts levies on wells, drilling equipment, pipelines and industrial property for three years. While…

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.