Does a person pay a tax on oil and gas rights if they are not producing and left in the ground?
Not in Pennsylvania. It was taxable as real estate, depending on county ordinances, several years ago (10-15?).
It is taxed, similar to coal in WV. Don't know about other states.
One must pay a quarterly federal tax on any lease payment received for mineral rights during the quarter in which the payment was received.
HOW IS COAL TAXED.
I'm not really up on coal, but I think it is treated as real estate in PA and assessed based on nearby production. There was a recent article in the OR about Greene county coal assessments.
Just want to say I love your pic
Gerry Bell said:
Not in Pennsylvania. It was taxable as real estate, depending on county ordinances, several years ago (10-15?).
It is taxed, similar to coal in WV. Don't know about other states.