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2018 Indiana Code
TITLE 6. Taxation
ARTICLE 8. MISCELLANEOUS
CHAPTER 1. Petroleum Severance Tax
6-8-1-5. "Petroleum", "natural gas", "oil", and "barrel of oil" defined
Universal Citation: IN Code § 6-8-1-5 (2018)
IC 6-8-1-5 "Petroleum", "natural gas", "oil", and "barrel of oil" defined
Sec. 5. (a) As used in this chapter, "petroleum" means all hydrocarbons produced at a well in a liquid or gaseous state.
(b) As used in this chapter, "natural gas" means petroleum that maintains a gaseous state at atmospheric conditions.
(c) As used in this chapter, "oil" means petroleum that maintains a liquid state at atmospheric conditions.
(d) As used in this chapter, "barrel of oil" means forty-two (42) U.S. gallons of oil at sixty degrees Fahrenheit (60° F).
Formerly: Acts 1947, c.278, s.5. As amended by P.L.109-1988, SEC.9.
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