By: Earley H.B. No. 1085
73R4527 DAK-F
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to the qualification of oil from new or expanded enhanced
1-3 recovery projects for special tax rates.
1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. Section 202.054(c), Tax Code, is amended to read
1-6 as follows:
1-7 (c) This section applies to an enhanced recovery project
1-8 that begins active operation on or after September 1, 1989, and to
1-9 an expansion that the commission approves on or after September 1,
1-10 1991. An application for approval under this section must be filed
1-11 on or after September 1, 1989, and before January 1, 1998 <1994>,
1-12 for a new enhanced recovery project. An application for approval
1-13 under this section must be filed on or after September 1, 1991, and
1-14 before January 1, 1998 <1994>, for an expansion of an existing
1-15 enhanced recovery project. A project may not qualify as an
1-16 expansion if the project has qualified as a new enhanced recovery
1-17 project under this section. An application may be filed on or
1-18 after September 1, 1989, even if a separate application for
1-19 approval of the project or expansion has already been filed under
1-20 Subchapter B, Chapter 101, Natural Resources Code, or for approval
1-21 as a tertiary recovery project for purposes of Section 4993,
1-22 Internal Revenue Code of 1986, if the operation of a new project or
1-23 the expansion of an existing project does not begin before the
1-24 application for approval under this section is approved by the
2-1 commission.
2-2 SECTION 2. This Act takes effect September 1, 1993.
2-3 SECTION 3. The importance of this legislation and the
2-4 crowded condition of the calendars in both houses create an
2-5 emergency and an imperative public necessity that the
2-6 constitutional rule requiring bills to be read on three several
2-7 days in each house be suspended, and this rule is hereby suspended.