Bill Text: TX SB71 | 2013-2014 | 83rd Legislature | Introduced
Bill Title: Relating to eligibility for the tax reduction for certain high-cost gas and the allocation of certain gas production tax revenue.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2013-02-13 - Referred to s/c on Fiscal Matters by Chair [SB71 Detail]
Download: Texas-2013-SB71-Introduced.html
83R1080 CJC-F | ||
By: Ellis | S.B. No. 71 |
|
||
|
||
relating to eligibility for the tax reduction for certain high-cost | ||
gas and the allocation of certain gas production tax revenue. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 201.057, Tax Code, is amended by adding | ||
Subsections (e-1) and (e-2) to read as follows: | ||
(e-1) Each month, the commission shall certify the average | ||
closing price of gas during the previous three months based on | ||
various price indices available to producers. The commission | ||
shall publish certifications under this subsection in the Texas | ||
Register. Notwithstanding any other provision of this section, the | ||
commission may not certify that gas is high-cost gas for purposes of | ||
this section during any month that the average closing price of gas | ||
certified by the commission for the previous three-month period is | ||
more than $4 per mcf. If the price is later $4 per mcf or less, any | ||
drilling and completion costs incurred during a month when the | ||
price exceeds $4 per mcf are excluded from the calculation of the | ||
cumulative value of the exemption under Subsection (c). | ||
(e-2) The comptroller shall determine the additional | ||
revenue from the tax imposed under this chapter that results from | ||
the application of Subsection (e-1). After deducting the amount | ||
required by Section 201.403, the comptroller shall deposit that | ||
revenue to the credit of the foundation school fund. Section | ||
201.404 does not apply to revenue deposited under this subsection. | ||
SECTION 2. The Railroad Commission of Texas shall publish | ||
the initial certification required by Section 201.057(e-1), Tax | ||
Code, as added by this Act, not later than September 30, 2013. | ||
SECTION 3. The change in law made by this Act does not | ||
affect tax liability accruing before the effective date of this | ||
Act. That liability continues in effect as if this Act had not been | ||
enacted, and the former law is continued in effect for the | ||
collection of taxes due and for civil and criminal enforcement of | ||
the liability for those taxes. | ||
SECTION 4. This Act takes effect September 1, 2013. |