Campbell pushes oil, gas tax plan
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Democrat Foster Campbell’s bid for governor will rise or fall on his sweeping tax plan that has attracted more heat than votes in the Legislature.
Campbell’s $5.5 billion proposal, which is similar to those he pushed unsuccessfully for years as a state senator, is called a processing tax.
It is the centerpiece of his campaign for governor, which has an Oct. 20 primary election date.
The other top contenders are Republican U.S. Rep. Bobby Jindal of Kenner, Republican John Georges, a New Orleans area businessman and Democrat state Sen. Walter Boasso of Arabi.
Campbell, a member of the Public Service Commission from Bossier Parish, says, if elected, the processing tax and other tax relief that goes with it would become issue one for the state of Louisiana.
What Campbell wants is imposition of a new processing tax of at least $5.5 billion on the value of oil and natural gas that now moves tax-free through Louisiana from foreign countries and federal offshore waters.
State individual and corporate income taxes also would be repealed, he said.
“Within 15 minutes of being sworn in I will call a special session for one bill and one bill only,” Campbell said .
“And that is to rewrite the oil and gas laws of Louisiana,” he said.
Critics contend Campbell’s proposal would spell disaster for the state’s oil and gas industry.
It would drive up the cost of gasoline by $1.25 per gallon, said Larry Wall, spokesman for the Louisiana Mid-Continent Oil and Gas Association, which represents about 120 energy-related firms.
Wall said Campbell’s tax also could endanger the jobs of up to 10,000 refinery employees in Louisiana.
“We just think it is a very bad idea,” said Wall, whose group has played a key role in killing similar legislative proposals in the past.
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