Navigating the Tax Landscape: A Comprehensive Guide to State and Local Taxation for US Oil and Gas Companies
US oil and gas companies are potentially subject to state and local taxation. Oil, gas, and other natural resource tax rates vary by state and other political subdivisions such as counties, cities, and municipalities. One common type of tax that states impose on oil and gas companies is severance tax. Severance taxes are imposed on the extraction, production, and sale of non-renewable resources to compensate for the severance (loss) of the resource from the earth’s surface.
Report Highlights
- 2023 tax updates by state
- Severance tax and relevant exceptions
