KBTX | Bryan & College Station, TX | Aggieland News

Energy Firms Paid Out Fewer Taxes In '08

By: Associated Press Email
By: Associated Press Email

Texas oil and gas producers paid about $78 million
less last year -- compared to 2007 -- under the state's new
business tax.

The change comes despite producers reaping record profits.

The Business Tax Advisory Committee's report will be presented
to the Legislature, which convenes Tuesday.

Most industries ended up paying more in 2008 under the business
tax expansion. Oil and gas producers paid out $411 million in 2008,
down from nearly $489 million in 2007.

But the industry separately pays state levies including
severance taxes, which skyrocketed with 2008's higher oil prices.

A spokesman for the Texas Oil & Gas Association disputes the
notion that the industry had gotten a tax break -- saying other
taxes paid last year increased due to record-high gasoline prices.


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