79-4219. Mineral severance tax; credit against tax.
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/ks/chapter-79/79-4219A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
79-4219. Mineral severance tax; credit against tax.
(a)There shall be allowed to each taxpayer who is liable for ad valorem property taxes upon oil property as defined by K.S.A. 79-329 , and amendments thereto, a credit against the tax levied under K.S.A. 79-4217 , and amendments thereto, upon the severance and production of oil, in an amount equal to 3.67% of the gross value of oil severed and taxable under this act, and in which the taxpayer has a beneficial interest.
(b)There shall be allowed to each taxpayer who is liable for ad valorem property taxes upon gas property as defined by K.S.A. 79-329 , and amendments thereto, a credit against the tax levied under K.S.A. 79-4217 , and amendments thereto, upon the severance and production of gas, in an amount equal to the following amounts:
(1)2% of the gross value of gas severed and taxable under this act, and in which the taxpayer has a beneficial interest for the fiscal year commencing on July 1, 1994, and ending on June 30, 1995;
(2)3% of the gross value of gas severed and taxable under this act, and in which the taxpayer has a beneficial interest for the fiscal year commencing on July 1, 1995, and ending on June 30, 1996; and
(3)3.67% of the gross value of gas severed and taxable under this act, and in which the taxpayer has a beneficial interest for the fiscal year commencing on July 1, 1996, and all fiscal years thereafter.