Ohio bill to protects oil and gas producers from new tax policy
Friday, June 22, 2018
The Ohio legislature recently passed House Bill 430 to shield oil and gas producers from sales taxes on some capital expenditures, according to Columbus Business First.
The bill will exempt oil and gas producers from recent changes to the state’s tax policy that could have forced them to pay sales taxes on numerous expenses related to energy production, including on facilities and equipment, as well as other expenses, like noise control, that are part of the process of opening and running oil and gas facilities.
The House had passed its version in January, and the Senate late last week concurred in amendments. The bill now depends on Governor John Kasich’s signature.
Learn more: Columbus Business First > Ohio legislature passes bill to exempt oil and gas producers from sales tax change
Leave a Comment
Marcellus & Utica Shale Well Map
Additional Shale Maps
Shale FAQ
How often do royalty payments come?
Depending on the company, royalty payments can arrive monthly or quarterly.
Are my royalty payments transferable?
Yes. If you plan on selling your property, notify the gas company that is leasing your land and your realtor. They will make arrangements to allow the royalty payments to transfer to a different land owner.
What are royalties?
Royalties are payments from the gas company to the landowner as part of a lease agreement. Royalties payments cannot begin until production begins. The payments are dependent upon the market price of the resource.