SB 28 - Tax giveaway to oil companies!
Sponsored by Sen. Tom Richmond, R-Billings
- WE Oppose - SB 28 - Tax giveaway to oil companies!
- Click here to view the Bill Details
This bill would keep the state tax rate for any oil produced through “enhanced oil recovery” — pumping carbon dioxide or other gases or chemicals in the ground to increase production in old and low-performing wells—at the low level of 5.8% vs. 9% or 12% if the price goes over $54 a barrel. This is a giveaway to oil companies that will deprive state coffers of much-needed funds.
This bill has passed both the House and Senate and is waiting to be signed by Gov. Bullock.