JANUARY 16 2008

Folsom proposes tax changes after ExxonMobil judgment cut
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Folsom proposes tax changes after
ExxonMobil judgment cut
by Phillip Rawls of Associated Press

....
"If something is not done, the recent decision by the Alabama
Supreme Court siding with Exxon and reversing an Alabama jury's
mutli-billion-dollar verdict will have devastating consequences on the
people of Alabama," the Democratic lieutenant governor said.

If the judgment had stood, Folsom said it could have funded
Medicaid, state troopers, prisons and many other agencies of state
government.

Alabama's tax on natural gas is currently a percentage of the value
of the gas after it has been processed. Folsom said the Legislature
should look at changing it in the upcoming session to a volume-
based tax levied when the natural gas comes out of the ground.

Folsom said that would erase issues that came up in the Exxon Mobil
dispute about what costs of production the company could charge off.

"That way Exxon will have to pay the same way you do — based on
what they pump," Folsom said.

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