Monday, December 17, 2012

Lease Bonuses Will Have Impact on Landowner Taxes

From the Akron Beacon Journal:
Those who received bonus payments from oil and gas leases in 2012 may have a little extra tax to pay on their 2013 state returns.
Individuals or couples earning more than $150,000 per year are subject to filing under the state’s Commercial Activity Tax, said Benjamin DiGirolamo, supervisor at Hill, Barth and King LLC, a Youngstown-based accounting firm.
Those who earned between $150,000 and $1 million will pay a flat rate of $150 in commercial activity tax to the state. Earnings of more than $1 million are taxed at .26 percent.
Read the rest of the article here.

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