| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to a tax exemption for inactive oil and gas wells. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 202.056, Tax Code, is amended to read as |
|
|
follows: |
|
|
(c) If the commission designates a three-year inactive well |
|
|
under this section, it shall issue a certificate designating the |
|
|
well as a three-year inactive well as defined by Subsection (a)(3) |
|
|
of this section. The commission may not designate a three-year |
|
|
inactive well under this section after February 29, 1996. If the |
|
|
commission designates a two-year inactive well under this section, |
|
|
it shall issue a certificate designating the well as a two-year |
|
|
inactive well as defined by Subsection (a)(4) of this section. The |
|
|
commission may not designate a two-year inactive well under this |
|
|
section after February 28, 2016 [2010].
|
|
|
(d) An application for three-year inactive well |
|
|
certification shall be made during the period of September 1, 1993, |
|
|
through August 31, 1995, to qualify for the tax exemption under this |
|
|
section. An application for two-year inactive well certification |
|
|
shall be made during the period September 1, 2011 [1997], through
|
|
|
August 31, 2015 [2009], to qualify for the tax exemption under this
|
|
|
section. Hydrocarbons sold after the date of certification are |
|
|
eligible for the tax exemption. |
|
|
SECTION 2. This Act takes effect September 1, 2011. |