Senator wants review of oil, gas audits

A Senate Democrat wants an audit of the Department of Revenue’s auditing of oil and gas companies.

Revenue has up to six years to complete the audits but Sen. Hollis French says he doesn’t think taking the full amount is “a good state of affairs.” Revenue hasn’t yet completed the first year of taxes under the current tax structure.

French says he wants to know if there are problems in the auditing process. He also says it’s hard to discuss large-scale changes to the oil tax system without fully audited returns under the system.

Bruce Tangeman, a deputy Revenue commissioner, says there’s no backlog in audits but says the process takes time.

He says lawmakers have more information now than they did when they changed the tax structure in 2007.