LOGA Priority Legislation Signed Into Law

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BATON ROUGE, LA (June 29, 2017) —The Louisiana Oil and Gas Association (LOGA) issued the following statement upon notification that Governor Edwards has signed House Bill 461, priority legislation that reinstates an incentive to operators who re-enter inactive and orphaned wells.

“This is a tremendous step in the right direction to reignite Louisiana’s oil and gas industry, create jobs, and increase revenue for the state,” said Don Briggs, President of the Louisiana Oil and Gas Association. “I want to thank Chairman Stuart Bishop and all who co-authored this legislation for their support and hard work throughout the legislative process. We must continue to fight to ensure that the oil and gas industry remains a cornerstone of our great state.”

At the request of LOGA, Chairman of the Natural Resources and Environment Committee, Representative Stuart Bishop (R-Lafayette), filed House Bill 461. This bill, now Act 421, lowers the severance tax rate by 50 percent for inactive wells and further reduces the severance tax rate on inactive wells that have been a part of the state’s Orphaned Well Program for five years or longer by 75 percent. The legislation received unanimous support from both the House and the Senate and will go into effect on July 1, 2018.

Click Here for link to the bill.

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