This form creates an Area of Mutual Interest ( AMI ) comprising the Contract Area. During the term of this AMI, if any Party acquires all or any interest in any Oil and Gas Leases, any mineral interest, or any farmouts or other contracts which affect lands and minerals lying within the AMI, the Acquiring Party shall promptly advise each of the other Parties of the acquisition, at which time each Offeree shall have the right to acquire its proportionate interest in the Oil and Gas Interest.
Tennessee Area of Mutual Interest
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Multi-State
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US-OG-695
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FAQ
Tennessee does not tax interest On savings accounts, checking accounts, and money market accounts located inside or outside Tennessee.
In Tennessee, bank interest is exempt, along with various other dividend and interest income.
A circumstance in which a member's individual interest impairs, or gives the appearance of impairing, his or her ability to make unbiased decisions or provide unbiased public services.
Tax-Exempt Interest Income Interest earned on certain types of municipal bonds, such as bonds issued by state and local governments, is generally exempt from tax. In some cases, the interest may be exempt at the federal, state, and local level.
What's the Tennessee Income Tax Rate? There is no income tax on wages in this state, making it one of the states with the lowest taxes. Therefore, the Tennessee income tax rate is 0%. It does have, however, a flat 1 to 2% tax rate that applies to income earned from interest and dividends.
Some customers are exempt from paying sales tax under Tennessee law. Examples include government agencies, some nonprofit organizations, and merchants purchasing goods for resale. Sellers are required to collect a valid exemption or resale certificate from buyers to validate each exempt transaction.
An area of mutual interest (AMI) contract describes the geographic area contained in the AMI, the rights of each party (such as the percentage interest allocated to each company), the agreement's term, and how contract provisions are to be implemented.
Interest on a bond that is used to finance government operations generally is not taxable if the bond is issued by a state, the District of Columbia, a U.S. possession, or any of their political subdivisions.