Tax & Accounting Blog

Michigan Clarifies Reporting of Oil and Gas Personal Property

Indirect Tax, ONESOURCE, ONESOURCE Property Tax December 5, 2012

Michigan’s State Tax Commission issued a bulletin to clarify reporting requirements for Oil and Gas Well properties. This bulletin includes how to properly report Oil and Gas personal property using Form 632 and how to determine the status of a well, using the Department of Environmental Quality Oil and Gas Database. Reportable costs and the treatment of economic obsolescence are also outlined.