AUSTIN Newly released data from the Texas Oil & Gas Association shows the Texas oil and gas industry paid $ 13.9 billion in state and local taxes and state royalties in fiscal year 2020 , funds that directly support schools, teachers, roads, infrastructure and essential services in Texas. , said a press release.
Deborah Ottmers, Ector County ISD’s chief financial officer, said taxes paid by the oil and gas industry are helping ECISD service its debt. The district can keep all of this income. It is the maintenance and operating income that is limited.
ECISD is not considered a wealthy neighborhood at the present time. Its total tax rate is $ 1.17792 per $ 100 of assessment. Of that amount, $ 1.05470 is spent on maintenance and operations and $ 0.12322 on interest and shipwrecks to pay off the debt, according to district information.
All school district property taxes are collected and sent to school districts. In our case, ECAD collects our taxes and makes daily deposits to our accounts, Ottmers said in an email. Based on the formula calculations based on state law, school districts will retain general property taxes for maintenance and operation funds and will also receive funds from the state throughout the fiscal year.
However, wealthy school districts will receive little to no state funds, and they will pay an estimated amount of their M&O property tax to the state by the end of the fiscal year. Several months after the end of the fiscal year and we have all the student accounts (in the different populations) of attendance for the previous school year, the ISDs we will settle with the State either pay them more or in get more from the state. The state uses all the estimates based on the numbers we give them to determine how much to pay and get from each school district and they pay the districts accordingly, she added.
Reeves County and the Pecos-Barstow-Toyah ISD saw dramatic increases in oil and natural gas property tax revenues in fiscal 2020, both ranked # 1 statewide for property taxes perceived. Pecos-Barstow-Toyah ISD received $ 167.6 million from mining properties producing oil and natural gas, pipelines and gas utilities, a 53% increase from fiscal 2019. Reeves received $ 74.5 million in property taxes on oil and natural gas, an 80% increase from last year, the statement said.
The oil and natural gas industry is very important to our region. It has both a direct and an indirect impact on our economy. It’s great to hear that Reeves County is currently the top producing county in the state of Texas, even though production is significantly down from last year, Reeves County Judge Leo said. Hung, in a press release from the Texas Oil and Gas Association. We are optimistic that production and drilling will increase in the coming months due to the availability of COVID-19 vaccines and the rebound in our economy.
Independent school districts in the Permian Basin received $ 978.75 million and counties in the Permian Basin received $ 334.3 million in oil and natural gas property taxes.
Staples detailed how oil and natural gas tax revenues and royalties are used to support education, transportation, health care and infrastructure through the Economic Stabilization Fund (commonly referred to as the Fund rainy days), the Permanent Schools Fund and the Permanent University Fund, all of which are funded almost exclusively from state taxes and royalties paid by the oil and gas industry, the statement said.
In 2020, 99% of state oil and gas royalties were deposited into the Permanent School Fund and the Permanent University Fund, which supports Texas public education. The PUF received $ 771 million and the PSF received $ 942 million. The Rainy Day Fund received $ 1.657 billion in taxes on oil and natural gas.
School districts in the state of Texas received more than $ 2 billion in property taxes from mining properties producing oil and natural gas, pipelines and gas services in 2020. Counties received $ 688.4 million. dollars in property taxes.
In addition to its economic impact, Staples noted that the oil and natural gas industry has taken the lead in developing environmental solutions that aim to reduce emissions and flaring.
The oil and natural gas industry is the country’s largest investor in emission reduction technologies and as a result Americans have been breathing the cleanest air for decades, the United States has been the world leader in reduction of carbon dioxide emissions and energy-related methane emissions from petroleum and natural. gas systems are down 23% since 1990, he said.
According to data from the Railroad Commission of Texas, the percentage of natural gas flared of all natural gas produced in Texas decreased by 80% between June 2019 and May 2020. In August, the Commission announced that less than half a percent of the natural gas produced in Texas was burned or vented in May 2020. Some 99.5% of the natural gas produced was used for beneficial purposes.
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