Georgia Petroleum Council noted released results from a new study highlighting how Georgia’s economy could benefit from over $200 million in tax revenues as a result of offshore leasing in the Atlantic Outer Continental Shelf (OCS).
“Cutting-edge technology can safely and accurately discover what resources lay off Georgia’s coast and make possible the potential for millions of dollars in state and local tax revenues from offshore activity detailed in this new study,” said Georgia Petroleum Council Executive Director Hunter Hopkins.
“This could be a turning point for Georgia. Our communities could gain high-paying year-round jobs while additional revenues help advance and update our public school systems and infrastructure. Combined with the billions of dollars for the economies of coastal states from previous studies, the additional tax revenues available to Georgia that are outlined in this new study are critical for helping to improve quality of life for Georgia’s residents.”
The new report titled “The Economic Impacts of Allowing Access to the Atlantic OCS for Oil and Natural Gas Exploration and Development Supplement: Projected State, Local and Federal Tax Receipts”, focuses on state tax revenues and was prepared by CALASH on behalf of API.
Calash projects that offshore-related natural gas and oil activities in Georgia could generate additional non-bonus and royalty revenue such as personal and corporate income tax, property tax, and sales taxes. The associated state and local tax revenues are projected to reach more than $20 million annually by the end of the forecast period, according to the report.