35 Miss. Code. R. 4-10-02-300
Current through December 10, 2024
A tax of 31/2% is levied on the "taxable compensation" received when the contract price exceeds $10,000 for drilling, redrilling, directional drilling or working over a gas well, oil well or salt water disposal well. This tax applies also to interest well contracts on the "taxable compensation" received from the other owners. Drilling, redrilling, directional drilling or working over a gas well, oil well or salt water disposal well performed as sub work for a prime contractor is not subject to tax when the prime contractor has paid the 31/2% tax on the total "taxable compensation".
35 Miss. Code. R. 4-10-02-300