Politics and Government Politics and Government
Wed, January 8, 2025
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Texas Oil and Gas Association set new record in state and local taxes and state royalties

Texas Oil and Gas Association set new record in state and local taxes and state royalties


Published on 2025-01-08 01:40:47 - MSN
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  • This includes over two billion for Texas independent school districts and over one billion from property taxes for counties related to oil and gas, pipelines and utilities. Todd S

The Texas Oil & Gas Association (TXOGA) reported that in 2022, the oil and natural gas industry in Texas set a new record by contributing $24.7 billion in state and local taxes and state royalties. This figure represents a significant increase from the $16.2 billion contributed in 2021, showcasing the industry's substantial economic impact on the state. The funds are derived from various sources including production taxes, royalties, and ad valorem taxes. This financial contribution supports public services like education, infrastructure, and emergency services, highlighting the sector's role in bolstering Texas's economy. Additionally, the industry's activities have led to job creation and economic development, further solidifying its importance to the state's fiscal health.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/politics/government/texas-oil-and-gas-association-set-new-record-in-state-and-local-taxes-and-state-royalties/ar-AA1x8Hns ]
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