Kansas taps oil, gas wells for additional revenue

Amid the tax cuts passed by the Kansas Legislature this session is an increase in the state?s severance tax on oil and gas wells, The Lawrence Journal-World reports.

The state repealed a 24-month severance tax exemption for gas wells and for oil wells producing more than 50 barrels a day. The change, effective July 1, is expected to generate $18 million this fiscal year and $45 million in the next year.

Experts said the legislation shouldn?t hit most small producers in the state, and will let Kansas benefit from an increase in oil production.

Source: http://feedproxy.google.com/~r/vertical_16/~3/8W5x25CMdZg/kansas-taps-oil-gas-wells-for.html

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