AG Rejects Wording of Severance Tax Proposal - KAIT Jonesboro, AR - Region 8 News, weather, sports

Little Rock, AR

AG Rejects Wording of Severance Tax Proposal

LITTLE ROCK, AR - Arkansas Attorney General Dustin McDaniel said today the wording of a proposed ballot measure to raise the state's severance tax is ambiguous and he would not certify the measure.

McDaniel said the measure was not clear in terms of how proceeds would benefit higher education.  Former gas company executive Sheffield Nelson submitted the measure to be put before voters in November.  It would raise the state's severance tax to seven percent of the market value of natural gas at the time of extraction.

A former Arkla executive and Republican gubernatorial candidate, Nelson has said his proposal would raise between $60 million and $100 million annually.

Currently, Arkansas' severance tax rate, unchanged since 1957, collects three-tenths of one cent per thousand cubic feet of natural gas extracted.

(Copyright 2008 by The Associated Press.  All Rights Reserved.)

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