Friday, May 24, 2024

Campbell Urges Governor Landry to Consider Oil Tax in State Constitutional Update

by BIZ Magazine

Public Service Commissioner Foster Campbell has called upon Governor Jeff Landry to make a historic move by incorporating a tax on foreign oil into the update of the state constitution. Campbell contends that such a measure could pave the way for the elimination of the state income tax and transform Louisiana’s fiscal landscape.

Speaking on Jim Engster’s “Talk Louisiana” program on public radio in Baton Rouge, Campbell emphasized the significance of Governor Landry’s potential action, suggesting that it could secure a lasting legacy for the state’s leadership.

“Governor Landry has the microphone right now,” Campbell asserted during the program. “He has the power. He should put this in his call for the Constitutional Convention.”

Campbell’s proposal, known as the Foreign Oil Tax, has gained recent support from Lt. Gov. Billy Nungesser. The implementation of this tax would require amending the State Constitution, necessitating a two-thirds vote in both houses of the Legislature to allow the public to vote on the proposal.

Under Campbell’s plan, the state would shift from taxing only oil and gas produced within Louisiana to including a tax on foreign oil. He believes this move could generate substantial revenue, particularly given Louisiana’s robust infrastructure, including refineries, extensive pipeline networks, and the Mississippi River.

Highlighting the environmental and economic impact of the oil industry in Louisiana, Campbell asserts that oil companies should contribute their fair share to the state’s coffers, particularly in light of the damage inflicted on the state’s coast. He argues that redirecting revenue from the proposed oil tax could facilitate the elimination of the state income tax, a move that he believes would be widely supported by Louisiana residents.

Campbell’s advocacy for a tax on the processing of oil and gas dates back to his tenure as a state senator. Despite previous challenges in garnering legislative support due to opposition from oil interests, Campbell remains resolute in his belief that now is the time for meaningful change.

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