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Idaho Free Printable Form 29, Oil and Gas Production Tax Statement (Monthly) and Instructions for 2020 Idaho Quarterly Idaho Oil and Gas Production Tax Statement

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Quarterly Idaho Oil and Gas Production Tax Statement
Form 29, Oil and Gas Production Tax Statement (Monthly) and Instructions

Form 29 Oil and Gas Production Tax Statement (Monthly) Tax on Oil and Gas Produced in Idaho for the Month Ending (Month) Name of producer (Year) Social Security number or EIN Business mailing address City State ZIP Code 1. Sales value of oil produced (from page 2) .................................................................................................................................. 1 2. Sales value of gas (including condensate) produced (from page 2) .......................................................................................... 2 3. Total sales of oil and gas produced. Add lines 1 and 2 .............................................................................................................. 3 4. Adjustments. See instructions .................................................................................................................................................... 4 5. Total subject to tax. Subtract line 4 from line 3 ........................................................................................................................... 5 6. Tax due. Multiply line 5 by 2.5% ................................................................................................................................................. 6 7. Interest from due date ................................................................................................................................................................ 7 8. Penalty ....................................................................................................................................................................................... 8 9. Total due. Add lines 6, 7 and 8 ................................................................................................................................................... 9 Signature and Verification Under penalties of perjury, I declare that to the best of my knowledge and belief this return is true, correct and complete. Sign Here Signature of officer/owner Date Title Phone number Paid preparer’s signature Preparer’s EIN, SSN or PTIN Preparer’s address and phone number File this statement with the Idaho State Tax Commission on or before the 20th of the month following the end of the reporting month. Enclose payment of the total due. Mail to: Idaho State Tax Commission, PO Box 36, Boise, ID 83722-0410 EFO00245 08-28-2019 Page 1 of 2 Form 29 Well Number (API number) EFO00245 08-28-2019 Well Name Field Location (Sec./Twp./Rng.) Well Location (County) Product Code Volume Oil Produced (continued) Volume Gas Sales Value Produced Page 2 of 2 Form 29 — Instructions Oil and Gas Production Tax Statement (Monthly) Use Form 29 to report the tax on oil and gas produced in Idaho. We tax oil and gas at the rate of 2.5% of gross income. Gross income means the amount realized by the producer for the sale of oil or gas, whether the sale occurs at the wellhead or after transportation of the product, without deducting transportation, manufacturing and processing costs. The tax is paid monthly and the form is due on or before the 20th day of the month following the end of the reporting month. Specific Instructions Name of producer and Social Security number or EIN Enter the producer’s name and corresponding Social Security number or federal Employer Identification Number (EIN). Address Enter the producer’s address, city, state and ZIP Code. Line 3. Total sales of oil and gas produced Enter the total sales of oil and gas produced, saved and sold, or transported from the premises in Idaho during this reporting period and any sales not reported in a prior period. If sales between related parties were below market rates, include the amount a sale of comparable type, quantity and quality would generate if the sale had been an arms-length transaction, unless you weren’t legally able to sell to such a buyer. Line 4. Adjustments If you produced oil and gas that are exempt from tax, include an explanation. The following are exempt from tax: • Interests in oil and gas or their proceeds owned by the United States, state of Idaho and their political subdivisions • Interests in oil and gas or their proceeds owned by any Indian or Indian tribe if the oil and gas or proceeds were produced from lands subject to the supervision of the United States • Oil and gas used in production operations or for repressuring or recycling purposes Line 5. Total subject to tax Subtract line 4 from line 3 and enter on this line. Line 8. Penalty If the producer files a return after the due date or doesn’t pay the required amount by the due date, we may charge a penalty on the tax due as follows: • 0.5% per month or a fraction of a month to a maximum of 25% for not paying the tax due (if return is filed) • 5% per month or fraction of a month to a maximum of 25% for not filing the return on time • 5% for negligence or disregard of rules • 10% for substantial understatement of tax • 50% for filing a false or fraudulent return The minimum penalty is $10. Line 9. Total due Add lines 6, 7 and 8 and enter on this line. Specific Instructions for Page 2 Well Number Enter the American Petroleum Institute (API) number for the well. Well Name Enter the name assigned to the well. Field Location Enter the section, township and range information for the field location of the well. Well Location (County) Enter the county where the well is located. Product Code Enter the product code for the product. C = Condensate G = Nonprocessed gas O = Crude oil P = Natural gas plant liquids Res = Pipeline quality natural gas Volume Oil Produced Enter the volume of oil produced in barrels. Volume Gas Produced Enter the volume of gas produced in thousand cubic feet. Sales Value Enter the sales value of the product. Line 6. Tax due Multiply line 5 by 2.5% and enter on this line. Line 7. Interest from due date We charge interest on the amount of tax due, line 6, from the original due date until paid. The rate for 2020 is 4%. Contact us: In the Boise area: (208) 334-7660 | Toll free: (800) 972-7660 Hearing impaired (TDD) (800) 377-3529 tax.idaho.gov/contact EIN00083 08-28-2019 
Extracted from PDF file 2019-idaho-form-29.pdf, last modified October 2019

More about the Idaho FORM 29 Corporate Income Tax TY 2019

We last updated the Quarterly Idaho Oil and Gas Production Tax Statement in March 2020, so this is the latest version of FORM 29, fully updated for tax year 2019. You can download or print current or past-year PDFs of FORM 29 directly from TaxFormFinder. You can print other Idaho tax forms here.

Other Idaho Corporate Income Tax Forms:

TaxFormFinder has an additional 65 Idaho income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
FORM 41 Idaho Corporation Income Tax Return
FORM 56 Idaho Net Operating Loss
FORM 42 Idaho Apportionment And Combined Reporting Adjustments
FORM PTE-12 Idaho Schedule For Pass-Through Owners with Instructions
FORM 66 Idaho Fiduciary Income Tax

Download all ID tax forms View all 66 Idaho Income Tax Forms


Form Sources:

Idaho usually releases forms for the current tax year between January and April. We last updated Idaho FORM 29 from the State Tax Commission in March 2020.

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About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Idaho FORM 29

We have a total of six past-year versions of FORM 29 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2019 FORM 29

Form 29, Oil and Gas Production Tax Statement (Monthly) and Instructions

2017 FORM 29

Form 29 - Idaho Oil and Gas Production Tax Statement

2016 FORM 29

Form 29 Idaho Oil and Gas Production Tax Statement


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