Eagle Ford's economic boom touted
GONZALES — The development of the Eagle Ford Shale continues to transform South Texas as production from the vast oil and gas play has surpassed forecasts, members of the Eagle Ford task force were told in a meeting Wednesday.
Just in Carrizo Springs, the sales tax returned in March alone totaled more than $500,000. Paula Seydel , manager of the Dimmit County Chamber of Commerce , said it's a thrill that new small business are opening or expanding in once-dying downtowns.
The shale development, she said, “is the answer to a prayer, the answer to a dream.”
Overall, the oil and gas industry is making strong contributions to the state's coffers, too.
The industry paid $508 million in franchise taxes in fiscal 2011, or almost 13 percent of total franchise taxes paid, said Robert Wood , director of local government assistance and economic development at the Texas comptroller's office.
Also, severance taxes paid by the industry sent $1.1 billion to the state's rainy day fund in November, he said. Deposits in the fund are made annually in that month.
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