Eric Proctor (D-Tulsa) calls for action to raise gross production taxes (GPT) on petroleum. He has long held for a negotiated compromise of 5% tax on all petroleum as it comes out of the well, but he says if the Republican legislative leaders refuse to act, then his political allies should begin an initiative petition drive to secure enough signatures to force the issue onto the next general election ballot, scheduled for November of 2018 (when a new governor is elected). Historically the GPT has been 7%, along with another tax on corporate profits annually. State officials justify the GPT as a form of business property tax and equate it to the property tax that a factory pays, along with the corporate income tax. Proctor is serving his final term in the House. State Auditor & gubernatorial candidate, Gary Jones, said that Republicans should rightly be concerned about the possibility of this tax question appearing on the ballot, next year. He says most other states charge 7%. Petroleum industry leader, Mike Cantrell, also calls on the legislature to hike the GPT rate back to where it was for much of the last century.
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