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Texas & New Mexico Sales and Use Tax for the Oilfield Services Industry - 10/24/24 - Roswell, NM


Tax Courses for CPE credit

Regular price $240.00 USD
Regular price Sale price $240.00 USD
Sale State Society Sponsored Course

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October 24, 2024

Course Countdown:

Texas & New Mexico Sales and Use Tax for the Oilfield Services Industry

CPE Credit Hours: 8.0

Program Level: Basic

Program Prerequisite: None

Advanced Preparation: None

Course Presenter (Texas): Jimmy Martens

Course Presenter (New Mexico): Tim Van Valen

Course Time: 8:30 am - 4:00 pm

Location: Roswell, New Mexico ( Pioneer Bank )

This course explains how the Texas & New Mexico sales and use tax plus well servicing tax rules apply to the oilfield services industry at all stages of the drilling and completion processes. This course starts with determining an area of interest, then proceeds through the drilling and completion of a well. After discussing the rules for producing fields, we conclude with tax rules for workover, and plugging & abandonment. We also review the Comptroller's recent change in taxing policies for oilfield services, including flowback, directional drilling, and others.

Learning Objectives

  • Identifying taxable oilfield transactions
  • Resolving rental versus service issues
  • Well-Servicing Tax Rules
  • Understanding how oil wells and drilled sites are taxed
  • Applying the tax rules to all oilfield service phases

Time Topics Issues Covered
8:30 Texas Sales and Use Tax Overview
  • Texas Sales & Use Tax
  • Well Servicing Tax
8:40 Texas Sales Tax Rules
  • Taxable Materials, Supplies, and Equipment
  • Renting Oilfield Equipment
  • Operator Leases
  • Real v. Tangible Personal Property
  • Taxable Services
9:30 Texas Well Servicing Tax
  • Testing, Cementing, Shooting, Fracturing, and Acidizing
  • Non-Taxable Services
  • Interplay with Sales Tax
10:00 Break 10 Minute Break
10:10 Taxing Oilfield Services
  • Determining an Area of Interest
  • Acquiring Oilfield Leases
  • Moving Equipment & Rigging Up
  • Drilling the Well
  • Operating and Completing the Producing Oilfield
  • Workover
  • Plugging & Abandoning the Well
11:40 Oilfield Tax Exemptions
  • Surface v. Subsurface Equipment
  • Proppant & Fracking Chemicals
  • Utility Costs
  • Offshore Exemptions
12:00 Lunch Provided for In-Person Attendees
12:30 New Mexico Gross Receipts Tax Intro
12:50 Transactions Subject to Gross Receipts Tax
2:30 Break 10 Minute Break
2:40 Taxing Oil Field Services
3:30 Oil Field Tax Exemptions and Deductions

  • NASBA Statement

    LAT Seminars is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority over the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket