RIB 12-018: Severance Tax Remittances on Horizontal and Deep Wells

The Louisiana Department of Revenue has issued Revenue Information Bulletin (RIB) 12-018, addressing severance tax remittances on horizontal and deep wells.

Louisiana Revised Statutes 47:633(7)(c)(iii) and (9)(d)(v) allow for the suspension of severance tax on horizontal or deep wells for two years or until payout, whichever occurs first. In order to reflect oil and gas severance tax collections more accurately, the Louisiana Department of Revenue will no longer require severance tax payments on production from horizontal or deep wells for which final approval is pending from the Office of Conservation on the Application for Well Status Determination beginning with the June production month, due August 25.

Click here to read the full text of RIB 12-018.

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