Oil & Gas Production Taxes
The tax credit applies only to “qualifying wells.” It is calculated each month by product and production unit at 75% of the lesser of: either the aggregate amount of severance, privilege, ad valorem or similar tax in effect on March 1, 1995, that is imposed by the Indian nation, tribe or pueblo, or the aggregate amount of the oil and gas production tax imposed by the state on qualifying wells.
Severance Tax – Non Oil & Gas
The tax credit is calculated monthly by the mine. It is 75% of the lesser of either the aggregate amount of coal severance, privilege, ad valorem or similar tax in effect on March 1, 1995, that is imposed by the Indian nation, tribe or pueblo, or the aggregate amount of coal severance tax and surtax tax due the state.