Gross Production Tax

(redirected from Gross Production Taxes)

Gross Production Tax

In the United States, a tax levied by some individual states on mining and drilling companies on the value of what is mined or drilled. For example, the State of Oklahoma levies a gross production tax on oil companies equal to 7% of the value of oil drilled from the ground. Gross production taxes are generally deductible from federal taxes.
References in periodicals archive ?
2 million in oil and gas gross production taxes and $5.
Billings and McKenzie Counties), redistribution of the county's share of Federal royalties from energy production on Federal Acquired lands, redistribution of the county's share of the state share of Federal royalties on Federal Public Domain lands, redistribution of state oil and gas gross production taxes, redistribution of Federal mineral leases and bonuses from Federal Acquired lands, redistribution of the county's share of the state share of Federal mineral leases and bonuses from Federal Public Domain lands, and redistribution of grazing fees collected on Federal grazing lands.