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Gas Severance Tax Return - michigan

Gas Severance Tax Return - michigan 2025

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The document is a Gas Severance Tax Return form issued by the Michigan Department of Treasury for the calendar year 2012. It outlines the mandatory filing requirements for producers of oil and gas in Michigan, detailing how to report gross, exempt, and taxable volumes of gas and natural gas liquids (NGLs), as well as the corresponding severance taxes due. The form includes sections for taxpayer identification, tax computation, and certification, along with instructions for completing the return and definitions of key terms related to oil and gas production.

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What is the gas severance tax?

Severance taxes are taxes on the extraction of natural resources such as oil and natural gas. State and local governments collected a combined $11.8 billion in revenue from severance taxes in 2021.

What is the oil and gas severance tax in Michigan?

Oil and Gas severance tax rates are as follows: Oil - General 6.6 percent of gross cash market value. Oil - Marginal properties or stripper wells 4 percent of gross cash market value. Gas 5 percent of gross cash market value.

How is oil and gas income taxed?

Oil and gas royalties are subject to federal and state income taxes. The Internal Revenue Service (IRS) requires that all royalty payments must be reported as income on the taxpayers tax return. Royalties are considered taxable income and are subject to federal and state income tax.

What is the tax rate for severance pay?

Tax Implications in the U.S.: The severance payment would be considered additional income and would attract a flat 22% withholding rate for federal tax, along with any applicable state taxes (depending on the state). Social Security and Medicare taxes would also be applicable, subject to wage limits.

What is the Michigan gas tax law?

(ii) Beginning January 1, 2017, 26.3 cents per gallon on gasoline. (b) Except as otherwise provided in subdivision (c), as follows: (i) Through December 31, 2016, 15 cents per gallon on diesel fuel. (ii) Beginning January 1, 2017, 26.3 cents per gallon on diesel fuel.

What is the federal excise tax on oil and gas?

Federal taxes include excises taxes of 18.3 cents per gallon on gasoline and 24.3 cents per gallon on diesel fuel, and a Leaking Underground Storage Tank fee of 0.1 cents per gallon on both fuels.

What is a severance tax on oil and gas?

Severance tax is a state tax imposed on the extraction of non-renewable natural resources that are intended for consumption in other states. These natural resources include such as crude oil, condensate and natural gas, coalbed methane, timber, uranium, and carbon dioxide.

Is severance pay taxable in Michigan?

Severance pay is generally classified as additional income, and hence not taxed the usual way. It is liable to taxation under both income taxes and payroll taxes.

Gas Severance Tax Return - michigan 2025

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