A district court judge in Texas has ruled that oil and natural gas production equipment used “below ground” is exempt from state sales taxes on extraction equipment.
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Barring Appeal, Tax Exemption Ruling Could Cost Texas $4.4B
Texas could lose an estimated $4.4 billion in revenue from oil and gas sales taxes, depending on how a district court judge tailors his ruling on exempting oil and gas companies from paying the state sales taxes on extraction equipment.
April 18, 2012