Taxation of oil and gas revenues: the United States
The taxation of producers of natural resources in the United States is accomplished by a combination of ordinary-income taxation and ad valorem or severence taxes on the removal price of the resource. Taxes are imposed by both the federal and local governments. The federal government imposes both income and ad valorem taxes on the production of resources. State governments generally impose severance taxes based on the value of the resource removed. In addition, some states impose income taxes on the portion of income earned by a producer in the specific state. Recently, there have been serious disputes between resource-producing states and resource-consuming states over changes in state severance taxes. 3 references.
- Research Organization:
- Booz, Allen, and Hamilton, Inc., Bethesda, MD
- OSTI ID:
- 5136930
- Journal Information:
- Energy J.; (United States), Journal Name: Energy J.; (United States) Vol. 3:2; ISSN ENJOD
- Country of Publication:
- United States
- Language:
- English
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FINANCIAL INCENTIVES
INCOME
INDUSTRY
NATURAL GAS INDUSTRY
NORTH AMERICA
PETROLEUM INDUSTRY
TAXES
USA
WINDFALL PROFITS TAX