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NATURAL GAS LIQUIDS PROPERTY TAX ADJUSTMENT CREDITSCHEDULENGL2REV092021West Virginia State Tax DepartmentClaims against Personal Income Tax(For tax periods beginning on or after July 1, 2020)SECTION
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Natural gas liquids property refers to a combination of hydrocarbons that are extracted during natural gas production and processing, which are in a liquid state at room temperature and pressure.
Operators of natural gas processing plants and facilities are required to file natural gas liquids property with the appropriate regulatory agency.
Natural gas liquids property can be filled out by providing detailed information on the volume, composition, and production of the liquids, as well as any related environmental and safety data.
The purpose of filing natural gas liquids property is to monitor and track the production and disposal of liquid hydrocarbons during natural gas processing, and to ensure compliance with environmental regulations.
Information that must be reported on natural gas liquids property includes volume produced, composition of liquids, production methods, disposal methods, and any relevant environmental data.
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