Texas Agreement For Payment on Casinghead Gas Between Gas Purchaser and Lease Operator
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How to fill out Texas Agreement For Payment On Casinghead Gas Between Gas Purchaser And Lease Operator?
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FAQ
Natural gas and electricity used in an area open to the public for the purpose of marketing a product ready for sale are taxable. Utilities used to operate other nonproduction machinery or equipment are taxable.
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.
Gas produced from a qualifying well must be consumed within 1,000 feet to qualify for the severance tax exemption. The bill takes effect September 1, 2023.
Texas leads the nation in both oil and natural gas production ? which, in turn, yields significant revenue for the state. Texas charges businesses a 4.6 percent tax rate on oil production and a 7.5 percent rate on natural gas production.
Gas: 7.5 percent (. 075) of market value of gas. Condensate Production Tax: 4.6 percent (. 046) of market value of condensate.
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.
?Currently, for oil, the rate is 4.6 percent of the value, and for natural gas, it's 7.5 percent. ... For oil, that rate has been around since 1951 or so,? says Chris Bryan, director of communication for the office of the comptroller, which collects the tax.