Next Election Day: November 3rd |  Early Voting: October 16th-27th (except on Sundays)

CA NO. 2 – Amends Determination of Fair Market Value of Oil or Gas Well

CA NO. 2 – Amends Determination of Fair Market Value of Oil or Gas Well

ACT 368 - HB 360
What It Means:

This amendment allows local taxing authorities to include the presence or production of oil or gas for ad valorem taxation purposes. The taxing authorities will be allowed to tax the well owner on the oil or gas in reserve or produced. Currently, there is only a state severance tax assessed on the production of these natural resources.

Yes
Voting YES Means...

Allows local taxing authorities to increase well owner’s taxes when there is a presence of oil or gas.

No
Voting NO Means...

Maintains current taxation levels.

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