Taxation of Oil/Gas Production and Resources
Federal Tax Subsidies
Eliminating Subsidies and Exemptions for Oil/Gas Industry Citizens Campaign for the Environment 2010
Eliminating Tax Subsidies for Oil Companies–2011 Federal Budget
Robert Pirog. Oil Industry Tax Issues in the Fiscal Year 2011 Budget Proposal. Mar. 24, 2010; Congressional Research Service 7-5700. CRS Report for Congress. (CRS Reports are not routinely made public)
Energy Tax Policy: Issues in the 111th Congress, Molly F. Sherlock. Analyst in Economics, Donald J. Marples
Section Research Manager. September 20, 2010. Congressional Research Service. 7-5700 www.crs.gov
R40999R40999.pdf (application/pdf Object).
Jim Hightower, New Outrages Keep Gushing From BP Aug, 2010 (How Taxpayers will pay for 35% of Oil Industry Losses including cleanup)
Bogle Testimony PA Severance Tax Hearing
NY Tax on Gas Production
Quick summary of gas production taxation:
NYS Office Real Property Service sets up yearly a dollar amount for value of gas; local tax authorities then apply that to reported production in the following way: the calculated value of the gas is treated as a real estate entity and taxed locally accordingly. Ex: $1 mil of gas = a $1mil house property.
About 60% goes to schools and 40% to Town and County same way as for other real estate taxes. The State gets nothing directly but local $ may reduce need for “state aid”).
Production amounts are (currently) as reported by companies to NYS and are not audited.