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Current as of January 01, 2024 | Updated by FindLaw Staff
(1) Every producer of crude petroleum oil shall pay a tax for state purposes equal to four and one-half percent (4.5%) of the market value of all crude petroleum produced by him in this state.
(2) A producer of crude petroleum oil shall include any person owning an interest in crude petroleum oil produced in this state.
(3) The tax provided by this section shall be imposed and attached when the crude petroleum is first transported from the tanks or other receptacle located at the place of production, and shall be imposed ratably upon all persons owning any interest in such oil.
Cite this article: FindLaw.com - Kentucky Revised Statutes Title XI. Revenue and Taxation § 137.120.Tax on production of crude petroleum - last updated January 01, 2024 | https://codes.findlaw.com/ky/title-xi-revenue-and-taxation/ky-rev-st-sect-137-120/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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