When legislation changes on severance tax or exemptions, you need to be ready to look back at your annual filings and how they apply. Going above and beyond what is typically taken as a standard deduction by the state can result in massive severance tax refunds.
Digging Deeper For Severance Exemptions
A West Virginia operator had paid a multi-million dollar sum in severance tax to the state, but how much of it is exempt? The state allows the standard transportation deduction, but oftentimes a dig deeper shows other opportunities. Also, West Virginia refunds are slower than most states to issue refunds.
A severance tax refund of $2MM+, recovering almost 30% of all severance taxes paid. A severance tax refund check in the hands of our client within 5 months of our start date and a happy client.