Thu. Mar 28th, 2024

Coudy News

Late Breaking News for Coudersport and Northcentral PA

Analysis of Marcellus Shale Natural Gas Tax Issues Offered in Feb. 16 Webinar

2 min read

Mike Jaconbson will address tax law surrounding gas leases and royalties

An online seminar offered by Penn State Cooperative Extension at 1 p.m. on Feb. 16 will cover what Pennsylvania residents who benefit financially from natural-gas wells on their properties need to know about tax implications.

In his presentation, “Dealing with Gas Tax Issues: What You Need to Know,” Associate Professor of Forest Resources Mike Jacobson will address primarily landowners who want to understand the basic issues. However, he also will provide financial advisers, accountants and tax preparers with some useful information.

“Landowners who lease gas rights will receive an up-front bonus payment and then receive royalty payments when production begins,” Jacobson said. “Dealing with this new-found wealth requires careful financial and tax planning.

“The tax law surrounding gas leases and royalties is complex with its own specific rules,” he said. “By understanding these rules, landowners possibly can save money by avoiding unnecessary taxes.”

The webinar will address mainly the tax consequences of gas income, Jacobson noted. It will cover issues such as types of income, how to report income, depletion and expensing opportunities, wealth and family planning, and property and severance taxes.

The tax-issues webinar is part of an ongoing series of workshops and events addressing circumstances related to the state’s Marcellus Shale gas boom. Information about how to register for the webinar is available on the webinar page of Penn State Extension’s natural gas impacts website at http://extension.psu.edu/naturalgas/webinars.

Another one-hour webinar, “Natural Gas Well Development and Emergency Response and Management,” will be held at 1 p.m. on March 17.

Previous webinars, publications and information on topics such as water use and quality, zoning, gas-leasing considerations for landowners and implications for local communities also are available on the Extension natural-gas impacts website (http://extension.psu.edu/naturalgas).

For more information, contact John Turack, extension educator in Westmoreland County, at (724) 837-1402 or jdt15@psu.edu.

From Penn State Ag Sciences News

Jeff Mulhollem
Writer/editor
(814) 863-2719
jjm29@psu.edu

Leave a Reply

Your email address will not be published.

Copyright © All rights reserved. | Newsphere by AF themes.