The state’s big tax cut also repeals a 24-month severance-tax exemption for gas wells and oil wells that produce more than 50 barrels of oil per day. The change is expected to generate $18 million in tax revenue this fiscal year and $45 million in the next, the Lawrence Journal-World reported. The oil and gas industry was divided on the measure, with large companies opposed to it while small, independent producers (most of which would not be affected by the change) were OK with the tax increase.
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