Texas Tax Code 204.004 – Tax Credit for Additional Wells in a New Field
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Texas Tax Code 204.004
- Comptroller: means the Comptroller of Public Accounts of the State of Texas. See Texas Tax Code 1.04
- Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
- Year: means 12 consecutive months. See Texas Government Code 311.005
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.