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What (who) is severance tax - definition
Severance tax
TAX ON NON-RENEWABLE NATURAL RESOURCES
Severance taxes; Gross production tax; Extraction tax
Severance taxes are taxes imposed on the removal of natural resources within a taxing jurisdiction. Severance taxes are most commonly imposed in oil producing states within the United States.
Severance tax legislative history in California
A severance tax is an article of legislation that imposes a tax on the extraction of natural resources. In the United States, California is the only state that does not impose a significant severance tax.
Cordenio Severance
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AMERICAN LAWYER (1862–1925)
Mrs. Cordenio Arnold Severance; Cordenio Arnold Severance; Cordenio A. Severance
Cordenio Arnold Severance (1862-1925) was an American lawyer from Minnesota. He co-founded the American Law Institute and served as President of the American Bar Association.
Examples of use of severance tax
1. He enacted the state‘s first severance tax on minerals mined and pumped from Wyoming, and created a permanent trust fund where severance tax money was invested, earning enough to run a major portion of the state‘s government operations today.
2. For every ton of mined coal, Kentucky and West Virginia levy a 4.5 percent and 5 percent severance tax, respectively.
3. Legislators, however, had the chance for a do–over this week when Beebe convened a special session to consider a hike in the state‘s severance tax on natural gas.