Tax & Accounting Blog

Abatements and Exemptions from Oklahoma to Maine

Blog, ONESOURCE, ONESOURCE Property Tax June 12, 2013

Maine – Abatement of Property Taxes

For taxpayers who are either applying for or appealing an abatement of property taxes, it is their right to receive  a written notice giving the reason why their request was not allowed, either in part or in full.  Also, this bill states that if an abatement decision is not made within the allowed timeframe, the request is considered to be granted. (Source:  L. 2013, H491 (P.L. 182), effective 90 days following adjournment of the 126th Legislature’s First Regular Session)

Oklahoma – Exemption Expanded for Gross Production Property

For equipment, property, or material where the gross production tax has been paid, this exemption from property taxes will now include wellbores and non-recoverable down-hole materials which are used when discarding the waste produced by oil and gas.  Also, the current calculation for depletion in Oklahoma, limits the depletion allowed for non-major oil companies to 50% of the net income from each property, not including the depletion allowance.  Beginning in 2014, the net income limits for computing percentage depletion have been amended.  (Source:  L. 2013, S166 (c. 401), effective 11/1/2013)