Ruling Gives Gas Companies $70M Tax Refund

Law360, New York (February 5, 2007, 12:00 AM EST) -- Three companies that run natural gas plants in Wyoming will be entitled to about $70 million in refunds after the state supreme court ruled that the state overtaxed the companies’ facilities.

RME Petroleum Company, Chevron U.S.A. Inc. and Burlington Resources Oil & Gas Co. LP had challenged a Wyoming Department of Revenue method of valuing property.

A state statute said that a property’s value includes “direct costs of producing.” The issue in the case was whether royalties and production taxes are included in those direct costs....
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