Robert K. Eggett
Price Waterhouse LLP
Nonfederal tax considerations for independents [89,832 bytes]
A constant challenge for independent oil and gas producers in the U.S. is taxes. While the federal income tax code undergoes periodic revision, with much sound and fury attached to congressional and presidential action, state and local taxes are constantly being revised with little fanfare and little publicity.
As an independent producer, you should pay close attention to these taxes because, in the aggregate, businesses pay considerably more to state and local jurisdictions in income, sales and use, and property taxes than they pay to the ...