Constitutional Amendment 2 is All About Fairness and Common Sense
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Vote YES on CA-2
A YES on Constitutional Amendment 2 would bring fairness and accuracy to the assessment process for Lousiana's oil and gas industry, 90% of which is made up of small businesses.
CA-2 would have no effects or raise taxes for landowners, but only bring fairness and common sense to the assessment of oil and gas wells. Although there are three ways to assess property (those methods are the 'cost', 'market' and 'income' methods) in Louisiana, for oil and gas wells the state Constitution only allows the use of two methods. CA-2 would allow the use of that third method, the income approach to value oil and gas wells for property assessment. This is the same method used when wells are being valued for sale on the open market. The income approach values wells based on their ability to produce revenue so it's common sense that this valuation method should be available for property assessment purposes as well.
A fairer assessment process means more Louisiana jobs.
CA-2 received bipartisan, UNANIMOUS support in the legislature.
CA-2 would result in more accurate assessments of oil and gas wells, while also allowing better predictability of taxes/tax revenue.
CA-2 is supported by assessors and the oil and gas industry.
CA-2 would make the income approach available to the Louisiana Tax Commission. It does not mandate its use.
Necessary because of the restrictive language in the state Constitution prohibiting the use of all three valuation methods for the assessment of oil and gas wells.
Would only affect the valuation of oil and gas wells, and will not change the assessment of other types of property.
VOTE YES for Fairness and Common Sense on November 3