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A BILL TO BE ENTITLED
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AN ACT
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relating to imposing a surcharge on certain electric generators and |
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gas producers. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subtitle E, Title 2, Tax Code, is amended by |
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adding Chapter 165 to read as follows: |
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CHAPTER 165. SURCHARGE ON ELECTRIC GENERATORS AND GAS PRODUCERS |
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SUBCHAPTER A. GENERAL PROVISIONS |
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Sec. 165.001. DEFINITIONS. In this chapter: |
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(1) "Affiliated power generation company," "electric |
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utility," and "exempt wholesale generator" have the meanings |
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assigned by Section 31.002, Utilities Code. |
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(2) "Electric cooperative" has the meaning assigned by |
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Section 11.003, Utilities Code. |
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(3) "Electric generator" includes: |
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(A) an affiliated power generation company; |
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(B) an electric utility or electric cooperative |
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that owns or operates for compensation in this state equipment or |
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facilities to generate electricity in this state; |
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(C) an exempt wholesale generator; and |
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(D) a power generation company. |
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(4) "Gas" has the meaning assigned by Section 201.001. |
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(5) "Gas producer" means a producer as defined by |
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Section 201.001. |
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(6) "Power generation company" has the meaning |
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assigned by Section 31.002, Utilities Code, except that the term |
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does not include a distributed natural gas generation facility, as |
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that term is defined by Section 31.002, Utilities Code. |
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Sec. 165.002. COMPTROLLER POWERS AND DUTIES. The |
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comptroller shall adopt rules and forms necessary to implement this |
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chapter. |
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SUBCHAPTER B. IMPOSITION AND COLLECTION OF SURCHARGE |
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Sec. 165.021. SURCHARGE IMPOSED ON ELECTRIC GENERATOR; |
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AMOUNT OF SURCHARGE. (a) A surcharge is imposed on each electric |
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generator in this state. |
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(b) The amount of the surcharge imposed by this chapter on |
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an electric generator each year is equal to the amount of the net |
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profit received by the electric generator during that year that is |
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directly attributable to electricity sold by the electric generator |
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at wholesale for the price of $9,000 per megawatt hour beyond the |
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first four hours of sale at that price. |
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(c) Notwithstanding Subsection (b), the amount of the |
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surcharge imposed by this chapter on an electric generator in 2024 |
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is equal to the amount of the net profit received by the electric |
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generator during the preceding four-year period that is directly |
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attributable to electricity sold by the electric generator at |
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wholesale for the price of $9,000 per megawatt hour beyond the first |
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four hours of sale at that price. This subsection expires January |
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1, 2025. |
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Sec. 165.022. SURCHARGE IMPOSED ON GAS PRODUCER; AMOUNT OF |
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SURCHARGE. (a) A surcharge is imposed on each gas producer in this |
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state. |
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(b) The amount of the surcharge imposed by this chapter on a |
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gas producer each year is equal to the amount of the net profit |
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received by the gas producer during that year that is directly |
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attributable to gas sold by the gas producer at the wellhead at a |
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price in excess of $200 per thousand cubic feet. |
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(c) Notwithstanding Subsection (b), the amount of the |
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surcharge imposed by this chapter on a gas producer in 2024 is equal |
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to the amount of the net profit received by the gas producer during |
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the preceding four-year period that is directly attributable to gas |
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sold by the gas producer at the wellhead at a price in excess of $200 |
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per thousand cubic feet. This subsection expires January 1, 2025. |
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Sec. 165.023. PAYMENT OF SURCHARGE. Not later than |
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February 25 of each year, each electric generator and gas producer |
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on whom a surcharge is imposed by this chapter shall send to the |
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comptroller the amount of surcharge due under this chapter for the |
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preceding year. |
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Sec. 165.024. REPORTS. (a) Not later than February 25 of |
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each year: |
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(1) each electric generator on whom a surcharge is |
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imposed by this chapter shall send to the comptroller a report |
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stating: |
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(A) the amount of the net profit received by the |
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electric generator during the preceding year that was directly |
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attributable to electricity sold by the electric generator at |
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wholesale at a price in excess of $9,000 per megawatt hour beyond |
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the first four hours of sale at that price during that year; and |
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(B) any other information required by the |
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comptroller; and |
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(2) each gas producer on whom a surcharge is imposed by |
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this chapter shall send to the comptroller a report stating: |
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(A) the amount of the net profit received by the |
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gas producer during the preceding year that is directly |
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attributable to gas sold by the gas producer at the wellhead at a |
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price in excess of $200 per thousand cubic feet during the preceding |
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year; and |
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(B) any other information required by the |
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comptroller. |
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(b) Notwithstanding Subsection (a), for the report due in |
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2024: |
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(1) an electric generator shall state in the report |
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the amount of the net profit received by the electric generator |
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during the preceding four-year period that is directly attributable |
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to electricity sold by the electric generator at wholesale for the |
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price of $9,000 per megawatt hour beyond the first four hours of |
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sale at that price; and |
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(2) a gas producer shall state in the report the amount |
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of the net profit received by the gas producer during the preceding |
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four-year period that is directly attributable to gas sold by the |
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gas producer at the wellhead at a price in excess of $200 per |
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thousand cubic feet. |
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(c) This subsection and Subsection (b) expire January 1, |
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2025. |
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Sec. 165.025. RECORDS. An electric generator or gas |
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producer on whom a surcharge is imposed under this chapter shall |
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keep a complete record of all information required to be reported to |
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the comptroller under Section 165.024. |
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SUBCHAPTER C. DEPOSIT AND USE OF SURCHARGE REVENUE |
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Sec. 165.041. DEPOSIT AND USE OF REVENUE. (a) The |
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comptroller shall deposit the revenue from the surcharge imposed |
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under this chapter to the credit of the general revenue fund. |
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(b) Money deposited to the credit of the general revenue |
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fund under Subsection (a) may be appropriated to the comptroller |
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only for the purpose of paying charges owed toward the payment of |
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bonds issued under: |
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(1) Subchapter J, Chapter 36, Utilities Code; |
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(2) Subchapters M and N, Chapter 39, Utilities Code; |
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(3) Subchapter D, Chapter 41, Utilities Code; and |
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(4) Subchapter I, Chapter 104, Utilities Code. |
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SUBCHAPTER D. EXPIRATION OF CHAPTER |
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Sec. 165.061. EXPIRATION. This chapter expires on the date |
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the comptroller certifies that the bonds described by Section |
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165.041(b) have been fully paid and publishes that certification in |
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the Texas Register. |
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SECTION 2. Chapter 165, Tax Code, as added by this Act, |
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applies beginning with the 2024 calendar year. |
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SECTION 3. This Act takes effect September 1, 2023. |