gross production tax


gross production tax
A state tax upon the gross production of certain industries which is substituted for and takes the place of an ad valorem tax imposed under general tax laws; a tax in lieu of all other taxes on the leases and minerals or the equipment used in producing or in the operation of oil wells or mines. New England Oil & Pipe Line Co. v State Board of Equalization, 121 Okla 277, 249 P 914.

Ballentine's law dictionary. . 1998.

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