Oil Taxation in Oklahoma


 After a huge production of oil in Oklahoma, people are questioning government in collecting hundreds of million dollars in tax to a vastly growing industry which can create huge employment. And prodigy oil and Gas Company have proven that Oklahoma can achieve.      
As the Oil and gas field’s of Oklahoma boosting up, the tax revenue also follow the growth. The state government is seems to have no attention on the gas and oil field but oil policy institute of Oklahoma has been critical of such state tax collections, like those for horizontal drilling, an oil and gas extraction technique that was once experimental and has evolved to become an industry standard. 
Drilling in Oklahoma supports the tax breaks, which they feel as an investment in one of the state’s largest economic drivers.   
A privet study prodigy oil and Gas Company of think-tank shows that if the state eliminated the incentives, its oil and gas taxes would still be modest compared to five of its oil-umbilical peer states of USA.


Individual Income Tax Rates:

Marginal Tax Rate |  Single /Married Filling Separately |  Married Filing Jointly           

0.5%                                $0 – $1,000                 $0 – $2,000
1%                                       $1,001 – $2,500                 $2,001 - $5,000
2%                                       $2,501 – $3,750                 $5,001 - $7,500
3%                                       $3,751 - $4,900               $7,501 - $9,800
4%                                       $4,901 - $7,200               $9,801 - $12,200
5%                                      $7,201 - $8,700                 $12,201 - $15,000
5.25%                                    $8,701+                         $15,001+          


Gross Taxes Production on Natural Resources:

Resource Tax Imposed
Asphalt, Lead, Uranium, Zinc, Gold, Silver, and Cooper 0.75%
Oil 7%
Natural Gas 5%
Petroleum Oil Excise 0.95%
Natural Gas Excise 0.95%


Prodigy Oil and Gas Company is one of the top companies with their extended knowledge of the geological and market developments and the interest they show in their research is just amazing. One of the most potential sources of oil and gas retrieval is the cline shale. Areas that seemed to be inaccessible for such procedure is now within human reach all because of the vast technological advancements like Hydraulic fracturing which can drill straight through underground.

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