Severance deal struck

The governor and natural gas industry representatives have negotiated an increase to the severance tax and will hold a news conference at 10:00 a.m. at the Capitol. I'll try and post video as soon as it is over. Here's a link to the current severance tax statute codified at Ark. Code Ann. § 26-58-111. The deal, if ratified by the Legislature, would tax the market value of the natural gas at the wellhead rather than by volume and would make the severance tax as it pertains to natural gas comparable to that which is currently levied on oil here in Arkansas.