Texas Gas Sales Contract
Description
How to fill out Gas Sales Contract?
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FAQ
Generally, equipment that is used to process oil and gas such as heater treaters, dehydrators, scrubbers, separators, gun barrels, etc., qualify for exemption from tax as processing equipment. As such, any repairs and replacement parts for this equipment also qualify for an exemption.
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.
Gas severance tax = 7.5% of market value of gas produced and saved.
A taxable item that is purchased for resale is exempt from sales or use tax if the seller accepts a properly completed Form 01-339, Texas Sales and Use Tax Resale Certificate (PDF), instead of collecting the sales tax due.
You pay income tax on this type of severance payment like you would on regular employment income. The usual income tax deductions apply, including: CPP or QPP contributions. EI premiums.
A 5% rate is applied to the gross value at the well of oil produced. Royalty interest in oil produced from a state, federal, or municipal holding and from an American Indian holding within the boundary of a reservation are excluded from the 5% rate.
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.
On all products, the tax rate is three and three-fourths percent (3.75%) of the taxable value.
