In keeping with the Governor’s call for the Legislature’s 2024 Third Extraordinary Session, House Bill No. 25 was introduced on Monday seeking to adjust severance tax rates, eliminate exemptions, and modify administrative procedures and dedications of mineral revenues.
HB 25 initially proposed that severance tax on oil should be determined based on volume at a price to be determined every 6 months (April 1st & September 1st) by the Louisiana Department of Energy and Natural Resources (“DENR”) based on an average monthly price per barrel of the most recent 6-month Louisiana Light Sweet Crude.
Read the full post on Liskow’s Gulf Coast Business Law Blog here.
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