New Law Releases Confidential Information Concerning Oil and Gas Lease Production and Ownership
Prior to July 1 of this year, Indiana Code provided that all information related to earnings, income, profits, losses, or expenditures given to an assessing official is confidential. This confidential information included earnings, income, profits, losses, and expenditures related to production of oil and gas. This oil and gas production information is—and continues to be—reported to the assessing officials on a form called a Form G&O-1 by the purchaser of the mineral. This form aids the assessor in determining the total taxes due and owing on producing oil and gas leases. The form includes information concerning a lease’s percentages of ownership and productivity. It also includes the names and addresses of those with an interest in the leasehold. Prior to July 1, the G&O-1 was a confidential document not subject to disclosure to the general public. It is no longer confidential. (more…)
