UNIVERSITY PARK, Pa. — An online seminar offered by Penn State Cooperative Extension at 1 p.m., Feb. 16, will cover what Pennsylvania residents, who benefit financially from natural-gas wells on their properties, need to know about tax implications.
Associate Professor of Forest Resources Mike Jacobson will address primarily landowners who want to understand the basic issues. He also will provide financial advisers, accountants and tax preparers with some information.
“The tax law surrounding gas leases and royalties is complex with its own specific rules,” he said.
Issues covered
The webinar will mainly address 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: http://extension.psu.edu/naturalgas/webinars.
Second webinar
Another one-hour webinar, “Natural Gas Well Development and Emergency Response and Management,” will be held at 1 p.m., March 17.
Previous webinars, publications and information on topics also are available on the website.
For more information, contact John Turack, extension educator in Westmoreland County at 724-837-1402 or jdt15@psu.edu.
