West Virginia HB5398 modifies oil and gas severance tax rates and allows federal funds for abandoned well plugging.
West Virginia HB5398 revises the severance tax rates for natural gas and oil produced from various types of wells. It sets specific tax rates based on production levels and well types, including horizontal drilling techniques targeting shale formations. The bill also allows the receipt of federal funds for the Oil and Gas Abandoned Well Plugging Fund if there are not more than $6 million in unencumbered funds by September 30 of each year.
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