By KAREN LAGRANGE COX
Beau Beaullieu, the State Representative for District 48, and Jacob Landry, the State Representative for District 49, have successfully passed two house bills in the Louisiana Legislature: House Bill (HB) 259 and House Bill (HB) 418. Roger Wilder, III, the State representative for District 71, also authored both of these house bills.
HB 259 reduces the severance tax rate for oil over a certain period of time and specifies the severance tax rate for oil produced from certain wells.
HB 418 reduces severance tax rates on oil and gas produced from inactive wells and orphan wells.
Beaulieu stated that HB 259, which aims to reduce the oil severance tax rates, will make Louisiana more competitive for energy companies. HB 418 is to encourage companies to revive inactive or abandoned oil wells, thereby increasing production.
Both house bills are now headed to the Louisiana Senate.
