Louisiana Governor Signs Law Concerning Severance Tax Rate, Exemptions for Horizontally Drilled Wells

The Louisiana Governor signed a law concerning the severance tax on oil and gas. The law includes the addition of definitions of the terms “Payout of Well Cost,” Qualified Accountant,” and “Well Cost Statement” to R.S. 47:633(7) concerning the General Severance rates of taxation and exemptions for horizontally drilled wells. The law took effect Dec. 4. [H.B. 25, enacted 12/04/24]

This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.