By:  Sims                                              S.B. No. 466
       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.