Are there any specific state laws related to oil and gas taxation?

Yes, South Carolina has specific laws related to oil and gas taxation. The state has the South Carolina Oil and Gas Tax Law (OCGA 48-1-30) which sets up taxation of oil and gas production in the state. Under the law, oil and gas companies are required to pay a tax on all oil and gas produced in the state. This tax rate is currently 7% of the gross value of the oil and gas produced. The tax must be paid to the South Carolina Department of Revenue within 30 days of production. The law also sets a minimum royalty rate for oil and gas leases in South Carolina, which is currently set at 12.5%. Royalty payments are determined by the value of the oil and gas produced and must be paid to the lessee, or owner of the oil and gas rights, within 30 days of production. In addition to the state tax and royalty laws, the South Carolina Oil and Gas Conservation Law sets standards for the exploration, development, and production of oil and gas in the state. This law sets requirements for the drilling of wells and provides for the regulation and enforcement of oil and gas activities in the state.

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Are there any specific state laws related to oil and gas taxation?

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