Cypress County will write off more than $400,000 in back taxes from oil and gas companies that it considers to be bad debt, bringing the three-year total to just under $800,000.
The annual measure for writing off amounts owed by companies that are in receivership or defunct took place at county council’s meeting Tuesday in Dunmore.
It states that 18 companies owe a total of $414,000 on accounts that are at least two years in arrears.
The largest amounts are related to Questfire Energy ($159,300), Sanling Energy, Ltd. ($122,500), AlphaBow Energy ($78,800), Canadian Oil and Gas International – COGI ($14,200), and Canyon Oil and Gas ($13,576).
A total of 13 other companies owed amounts less than $10,000.
After writing off the debt, the county will be able to claim $117,500 from a provincial government program meant to cover the portion of unpaid taxes related to education portion of property tax bills.
Another $3,500 could be recovered from another credit for designated industrial property.
As for this year’s tax revenue, finance officials told council that a total of $4.5 million from the current tax year is still owed on accounts that came due in at an extended deadline in mid November.
Of that, $3.1 million relates to accounts of two petroleum producers who have special payment plan arrangements with the county.
