Oregon Statutes 324.090 – State and local government interests exempt; credit of taxes imposed by state and local governments
(1) Any royalty or other interest in oil or gas owned by the state, counties, cities, towns, school districts or other municipal corporations or political subdivisions, is exempt from the gross production tax imposed by ORS § 324.070.
Terms Used In Oregon Statutes 324.090
- Gas: means natural gas and casinghead gas. See Oregon Statutes 324.050
- Gross production: means the total volume of oil or gas extracted from a well, including oil or gas extracted but not sold. See Oregon Statutes 324.050
- Oil: means petroleum, crude oil, mineral oil and casinghead gas. See Oregon Statutes 324.050
(2) There shall be allowed as a credit against taxes imposed by this chapter all ad valorem taxes imposed by the state, counties, cities, towns, school districts and other municipal corporations and political subdivisions upon any property rights attached to or inherent in the right to produce oil and gas, upon producing oil and gas leases, upon machinery, appliances and equipment used in and around any well producing oil or gas and actually used in the operation of the well, upon oil and gas produced in the state and upon any investment in any property mentioned or described in this subsection. [1981 c.889 § 4]
COLLECTION OF TAX