Louisiana's oil and gas companies saw several items on their legislative wish list move forward this week, as a bill addressing severance taxes cleared a significant hurdle Friday.
The Louisiana Oil and Gas Association has outlined several bills and resolutions they support in the 2020 Legislative Session, many of which the group says would give the state's oil producers much-needed aid as the industry faces a historic oil crisis.
Many of the items LOGA is targeting have been on the group's radar for years, but LOGA President Gifford Briggs has said the measures are needed now to keep the industry afloat.
Reduce Louisiana's severance tax on oil and gas
House Bill 506 status: Passed by the House, 72-24
House Concurrent Resolution 65 status: Awaiting passage in the House
House Bill 506, by Republican Rep. Phillip DeVillier of Eunice, would scale down the severance tax on oil and gas from 12.5% to 8.5% over the next eight years. The severance tax is a state tax paid on all natural resources produced in the state, but the bulk of the collected revenue comes from oil.
The bill was passed by the House on Friday, and will move to the Senate side.