Cheyenne, WY – A long-debated law on the amount of money natural gas producers must pay in taxes for processed gas is making its way through the legislature.
It has taken the legislature seven years to determine a uniform way to tax gas that is essentially worthless until it gets processed.
Cheyenne Representative Pete Anderson says they had to resolve what industry should get as a return on their investment while getting the state tax revenue for produced gas. Anderson says an old formula kept some companies from paying taxes even though they were making a profit. And he says that this bill makes sure that the state always gets tax revenue.
Anderson says it was difficult to develop a formula, but he says it is a true compromise that may finally keep the issue out of court and make sure the state is getting its fair share. The house will debate the bill two more times.