End of the year means it’s time to consider taxes (bloody awful if you ask us!). If you live in Pennsylvania and if you’ve leased your property for drilling (and perhaps even have royalties from drilled wells), you need to plan for the tax man—especially if you’ve sold your lease rights/property. All we can say is, a) it’s complicated, and b) find a lawyer/accountant to help you.
The law firm of McNees Wallace & Nurick LLC, with offices throughout PA, publishes a monthly newsletter. In the December issue they highlight a recent guidance document from the PA Dept. of Revenue dealing with Marcellus-related transfers and income taxes. If you’re a landowner with leases, you may find it interesting. If you’re a lawyer or accountant specializing in the Marcellus, you’ll definitely find it interesting: