Flat 25% or Less One-time Tax Rate on Lease Signing Bonus

Ok, Haynesville Shale landowners it is time for us to ask Congress to include an incentive for landowners to the Natural Gas Act. The bill's number is HR6570. The incentive would be a one-time flat tax rate of 25% or less on lease signing bonuses for landowners in the Haynesville Shale play.

The o/g CEO's have gotten their incentives in the Act. Go to this link, to read a summary, less than two pages, of the current incentives www.house.gov/apps/list/press/ok02_boren/2008_07_22_ngv_rahm_bill.html.

Just send an email to Rep. Ed Markey, D-Mass, who is the chairman of the Select Committee on Energy Independence & Global Warming. His committee is preparing the Act. Congressmen Dan Boren and Rahm Emanuel introduced the bill. You could send the same email to the two sponsoring congressmen, your senators, and congressperson.

The email for the lead staffer working on this bill for Congressman Emanuel is Jonathan.Levy@mai.house.gov. The email for the staffer working on the bill for Congressman Boren is Wendy.kirchoff@mail.house.gov.

8/1 Mr. Levy says he is considering our suggestion. So, email him your ideas on this matter.

An email stating how much a flat 25% or less one-time tax rate on your lease bonus payment would help you, your family, and your community vs the current 35% federal ordinary income tax rate plus state & local taxes could get this needed incentive (tax break) included in the Act for landowners.

Landowners are helping the nation during this time of energy crisis not just o/g companies. Landowners have to live with the physical effects of drilling which is a value to the nation also. The committee's contact is www.globalwarming.house.gov/contact. TCB DS3

Tags: Rate, Tax

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Replies to This Discussion

Permalink Reply by tampg on July 31, 2008 at 2:07
Thank you! I just submitted my response.
Permalink Reply by Keith Mauck (Site Publisher) on July 31, 2008 at 2:10
Way to go TCB...I like the activism. I'll do it right now. Also, Congressman McCrery should be contacted. He can/should make a call to Markey. Call the local office, they always love that! Report back here what you all find or what they say.

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Permalink Reply by Keith Mauck (Site Publisher) on July 31, 2008 at 2:14
Senator Landrieu

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Permalink Reply by Johnyd on July 31, 2008 at 2:11
This would be like taking a Large Pizza from a room full of Fat kids at a slumber party.....This "AINT" Gonna happen.
Permalink Reply by JW on July 31, 2008 at 2:21
Johnyd,
You made my day. Thanks for the laugh.
Permalink Reply by TCB DS3 on July 31, 2008 at 5:44
Johnyd, that is funny and true but in this case we only want in the room. Also remember, it is a "government of we the people." If enough landowners request a cap it can happen to get included in the bill. It is an election year also. What better way for "our" elected officials to look good by doing something for the people/landowners that all voters can appreciate? Often, benefits for the people do not get included in bills simply because the idea was not presented to the committee. Thanks to all who do write. I have written also. TCB DS3
Permalink Reply by waiting on July 31, 2008 at 2:57
Ummm. The highest federal income tax rate is 35% per the IRS tax brackets. Where are you getting 40 to 50% for "federal ordinary income tax rate" ?????? The highest rate including Louisiana's maximum amount 6%, would be 41%.

If, you get a lease payment for a smaller amount you wouldn't be paying this high a rate. Larger bonus payments, you might pay this on a "portion" of the income.

I might be careful in just agreeing to or supporting a flat 25% rate if I received a smaller lease bonus.

Go look at the tax brackets on the IRS website. The flat 25% would be great if you are dealing with large lease amounts, but not small payments.
Permalink Reply by Jack Spratt on July 31, 2008 at 3:10
Waiting,
You're right. The request should be for a MAXIMUM of 25% (or less) in federal taxes.

JS
Permalink Reply by BeverlyRevelry on July 31, 2008 at 5:52
Thanks, waiting, that is just the question I was going to ask.

Why do we landowners need a tax incentive? That's what the bonus and the royalties are--incentives to sell what is beneath our land.

This is just another effort by those in the higher income brackets to pay less than their share by telling those of us in the lower income brackets that it's going to save *us* money. Don't buy into it.
Permalink Reply by TCB DS3 on July 31, 2008 at 7:39
Beverly, sorry you read my post as not being beneficial to every landowner. Landowners are helping the nation by providing our gas/oil and giving up other valuables. Landowners are giving up the private tranquil enjoyment of their land by allowing wells to be drilled to obtain the minerals below it. The lease bonus does not compensate the landowner for the loss of that value. The tax incentive we are asking to be added to this bill will mean a lot to each landowner and add to the purchasing power within each community but will not amount to very much in the over all "loss of tax revenue to the nation." Value for value is all we are asking and the legislative staff will work out the acutal tax incentive percentage so that all landowners receive tax help with such an incentive not just large landowners. TCB DS3
Permalink Reply by TCB DS3 on July 31, 2008 at 5:55
You are right with 41% in LA. I live in CA. Yes, my family has hundreds of acres and tax relief is going to be needed for us and everyone. Getting a cap put in the bill for this one-time event should be a number that helps everyone. Once we get their ear they have staff who will suggest a number that will benefit all landowners. TCB DS3
Permalink Reply by TCB DS3 on July 31, 2008 at 8:11
Thanks. I was using 40%-50% as a total for all income taxes on the bonus. I have revised the number to explain it better. Thanks. TCB DS3

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