Lawmakers Say They Need to Address Tax Questions on Gas Deposits

JULY 28, 2006 - Posted at 3:06 p.m. CDT

LITTLE ROCK, AR - A state senator from Nashville says the Fayetteville Shale natural gas deposits raise several property tax questions that legislators will have to address in next year's session.

County assessors, county tax collectors and legislators met in Little Rock yesterday to learn more about the property tax issues surrounding the Fayetteville shale.

Lawmakers say they'll likely try to come up with a solution to poor record keeping of mineral rights transactions, inconsistent tax assessments and questions over how to divvy up lease payments for natural gas deposits.

Senator Jim Hill, a Democrat from Nashville, says questions surrounding the shale include how many more property tax dollars will be collected and how much more money school districts will receive as a result.

(Copyright 2006 by The Associated Press.  All Rights Reserved.)