Tax Appeal Rejected
Alva, OK – Court rejects gas co. tax bill appeal
ALVA, Okla. (AP) The U.S. Supreme Court has rejected an appeal by Missouri Gas Energy of a tax bill it received for stored natural gas in Oklahoma.
The Kansas City, Mo.-based company had appealed the decision by Woods County Assessor Monica Schmidt to tax the gas stored in natural caverns in Woods County. The court on Monday declined to hear the company's appeal.
Schmidt says the high court's decision means about $1.2 million held in escrow will go to local schools. Schmidt learned in 2000 that the company was storing the gas in the caverns and determined it was subject to property taxes for 1998, 1999 and 2000.
Missouri Gas Energy attorney Bill Elias calls the court's decision disappointing.
Copyright 2010 The Associated Press.