Severance Tax Act

[AI summary unavailable — showing source text] Severance Tax Act - Imposes on the severance of any oil, gas, or coal from a mineral property located within the United States an excise tax equal to five percent of that portion of the gross income from the property during the taxable period which is attributable to oil, gas, or coal. Provides that the person who holds the working interest in the mineral property shall pay such tax. Defines the terms used for purposes of this Act. Provides that the Secretary of the Treasury shall, for the fiscal year beginning July 1, 1973, and for each fiscal year thereafter, pay over to each county such county's share of the net collections during such fiscal year from this five percent tax. (Add 26 U.S.C. 4951-4953)…