Get 382, Gas Severance Tax Return

Is Severance Pay Taxable in California? California levies a standard deduction of 6% on severance packages. If this amount is not withheld, you will have to make estimated payments. Other states have different tax levies on severance pay.

There is no statewide severance tax on oil and gas production in California. There are ad valorem (property) taxes in California, administered by each county. For information on ad valorem taxes, contact the county tax assessor in the county you are interested in.

Severance tax is a state tax imposed on the extraction of non-renewable natural resources that are intended for consumption in other states. These natural resources include such as crude oil, condensate and natural gas, coalbed methane, timber, uranium, and carbon dioxide.

Colorado Severance Tax is a tax imposed upon nonrenewable natural resources that are removed from the earth. Natural resources that are subject to severance taxation include: Metallic Minerals.

The baseline Texas severance tax on oil and gas is: Gas severance tax = 7.5% of market value of gas produced and saved. Oil severance tax = 4.6% of market value of oil produced. Condensate tax = 4.6% of market value.

The petroleum Superfund tax rate is $0.164 per barrel for 2023 (rate is indexed annually for inflation)

Fifteen states and the District of Columbia did not have a severance tax in 2020. California does not have a severance tax but does levy a small assessment fee on oil and gas produced in California, and the Census Bureau records this as severance tax revenue.

Severance tax is a state tax imposed on the extraction of non-renewable natural resources that are intended for consumption in other states. These natural resources include such as crude oil, condensate and natural gas, coalbed methane, timber, uranium, and carbon dioxide.