Texas Tax Code

§ 204.004 — TAX CREDIT FOR ADDITIONAL WELLS IN A NEW FIELD

TX § 204.004Title 2. STATE TAXATION · Part I. SEVERANCE TAXES · Ch. 204. TAX CREDIT FOR NEW FIELD DISCOVERIES

Statute text

Upon the commission notifying the comptroller that 842 discovery wells have been spudded in 1994, persons obtaining a new field discovery during that year shall be eligible for an additional $25,000 tax credit for each additional well spudded and producing from that field, within 10 years from the spud date of the discovery well. The tax credit is available to persons who obtain a new field discovery regardless of who drills the additional well.

Legislative history

Added by Acts 1993, 73rd Leg., ch. 1014, Sec. 1, eff. Sept. 1, 1993.