Feb 24, 2025 · Understand who is responsible for Texas severance tax, what activities are taxed, available exemptions, and key compliance requirements for businesses.

Jul 26, 2023 · In separate statutes, Texas law imposes a production tax, also called a severance tax, on the gross production of oil and gas after it is extracted from the ground.

Feb 16, 2025 · The tax framework for natural gas and oil production in Texas involves several key components, including severance taxes, property taxes, and various state and local levies.

Normally, companies and even royalties earners still have to pay considerable income tax on their earnings from the oil and gas well, despite paying severance taxes to their respective states.

We begin our process with a complete evaluation and review of your lease agreements, marketing contracts, processing arrangements and transportation deductions. This process allows us to …

Apr 1, 2025 · A severance tax is not the same as an income tax. Besides severance taxes, royalty owners must still pay every state and federal income tax on oil and gas income. Depending on …

This guide is a critical tool for accounting and tax departments in the oil and gas sector, enhancing efficiency and productivity in tax planning and operations.