We are celebrating VICTORY with the passage of Constitutional Amendment 2.
This will make well assessments fairer and more predictable, meaning a crucial bit of stability for our industry. Informing and persuading over a million voters to vote YES on the amendment was a Herculean task and we congratulate everyone involved in getting it passed, first with the core team of LOGA, the Louisiana Assessors Association, LMOGA, and Rep. Mike Huval. We also thank our partner associations, chambers all across the state, economic development groups, good government organizations, and professional associations for linking arms with us to get the critical information out: CA 2 is a must-pass amendment on the ballot.
Daron Fredrickson, our tireless LOGA Tax Committee Chairman, shared the below regarding it’s passage.
LOGA Interim President
Today is a very special day for me and a huge group of people, who have accomplished what was thought impossible. Late last night, actually very early this morning, Constitutional Amendment 2 in Louisiana passed! After years of work, overcoming significant differences, and putting together an unprecedented coalition of people, it has become reality.
While the amendment is tied to property tax, which most people would not see as exciting, it changes the entire landscape for the oil & gas industry and the parishes. Allowing the actual value of oil & gas wells, the income stream, to be the valuation basis rather than the cost of a well puts the tax burden on the proper assets. Getting this right allows for a partnership between the industry and the parishes, where all can benefit from extending the lives of these assets.
I could not be more proud of what our team has accomplished and honestly I am still trying to get my head around what a huge thing it is for everyone. Thank you to all the people who have been part of this effort for the last 4 years!
For my family, who has been patient with me for 28 years while this issue has been part of my life, they deserve a gold medal!