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The Oklahoma House has agreed to extend a tax incentive for companies that drill deep natural gas wells in the state.
The House voted 85-10 on Thursday for the Senate-passed measure that would extend the tax break for another three years. It now goes to Gov. Brad Henry (web|news) for his signature.
It would extend a tax break granted by the Legislature in 2005 at the request of Oklahoma City-based Chesapeake Energy Corp. for wells deeper than 15,000 feet.
The measure's House author, Rep. Ken Miller of Edmond, says the incentive encourages gas exploration companies to drill their wells in Oklahoma, creating new tax revenue and jobs.
But Rep. Larry Glenn of Miami says Oklahoma has 9 percent of the nation's natural gas reserves and that exploration companies will drill in the state with or without a tax break.
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