Oklahoma Legislature Passes Controversial Tax Incentive for New Oil and Gas Wells
http://stateimpact.npr.org/oklahoma/2014/05/23/oklahoma-legislature-passes-controversial-tax-incentive-for-new-oil-and-gas-wells/
House Bill 2562 replaces a tax incentive for horizontal drilling with one for both horizontal and traditional, vertical drilling.
The incentive reduced state taxes on oil and gas production, set at 7 percent, to 1 percent for the first four years of production. Horizontal drilling is now common practice and employed in most new wells drilled in Oklahoma.
The incentive expires in 2015...
Why the need for subsidies/crony capitalism?