Comments for LBP: state tax exemptions benefit the wealthy at http://www.theind.com , comment 1 to 5 out of 5 comments http://www.theind.com Tue, 21 May 2013 01:25:37 +0100 FeedCreator 1.7.3 http://www.theind.com/news/indreporter/11676-lbp-state-tax-exemptions-benefit-the-wealthy#comment-27340 More elementary, one cannot tax anything that has been granted a tax exemption. Such is the situation with respect to natural gas and oil production generated from horizontally drilled wells. Jindal fought repeal or even modification of the tax exemption. This one tax exemption is "costing" Louisiana a minimum of $400 ML in yearly revenue. The exemption, passed in 1994 by the Foster administration, was granted when horizontal drilling was a buzz word, an interesting concept, in an attempt to stimulus for research and development of this particular drilling technique. Under the current revenue "crunch" the state can not afford reinstating the severance tax on horizontal production. Such would go a long way in helping the state generate much needed revenue. GV4MAN - Greg Foreman Wed, 17 Oct 2012 04:17:08 +0100 http://www.theind.com/news/indreporter/11676-lbp-state-tax-exemptions-benefit-the-wealthy#comment-27339 One cannot tax what one cannot sell . The price of natural gas can only become more valuable by staying in the ground until the price of gas rises. Now, if every well drilled would come in as an oil producer, we would see a dramatic increase in tax revenue across the U.S. - Ciano Leal Tue, 16 Oct 2012 17:12:07 +0100 http://www.theind.com/news/indreporter/11676-lbp-state-tax-exemptions-benefit-the-wealthy#comment-27332 A more glaring/eyeopening fact that seems to have escaped the LBP is the drastic drop in state revenue generated from the categories of corporate franchise and corporate income. Under Jindal, i.e, 2008-11, state revenues generated from these two categories has dropped drastically. Revenue from corporate franchises dropped to $66 million in '11 from $248 million in '08(a drop of $182 million) and corporate taxes dropped to $198 million from an '08 level of $747 million-a drop of $549 million. Even severance taxes dropped from an '08 level of $1.047 billion to an '11 level of $764 million(a reduction of $283 million). This drop has occurred in spite of the fact of Louisiana having this country's most productive natural gas field--Haynesville Trend. All I have to say is something is wrong--drastically wrong with Jindal and the Jindal administration. Bobby Jindal is rewriting history with his ultra ignorance approach to government and the citizens of the state are suffering on oh so many levels. GV4MAN - Greg Foreman Tue, 16 Oct 2012 04:58:14 +0100 http://www.theind.com/news/indreporter/11676-lbp-state-tax-exemptions-benefit-the-wealthy#comment-27308 This "problem" could every so easily be resolved simply by changing all tax credits from the status of a refundable credit to that of a non-refundable credit. A non-refundable credit would restrict/limit any/all refunds to the amount of tax owed/due. If taxes are zeroed out, then the tax credit would not "kick" in. Louisiana is one of the few states in the US allowing such generous refundable tax credits. This isn't brain surgery...one simply has to have a brain and a backbone to understand and execute such adjustments. GV4MAN - Greg Foreman Sat, 13 Oct 2012 04:32:59 +0100 http://www.theind.com/news/indreporter/11676-lbp-state-tax-exemptions-benefit-the-wealthy#comment-27306 I would have not expected anything else. The Louisiana politicians always take care of the rich T-Boys!! Where do you think they get the political contributions? Big Business & Big Money T-Boys!! Just like the 3rd World!! - Michael A. Moss Fri, 12 Oct 2012 13:44:08 +0100