Bill Text: TX SB71 | 2013-2014 | 83rd Legislature | Introduced

Texas Senate Bill 71 (Prior Session Legislation)

Introduced

Bill Title: Relating to eligibility for the tax reduction for certain high-cost gas and the allocation of certain gas production tax revenue.

Sponsorship: Partisan Bill (Democrat 1)

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



	A BILL TO BE ENTITLED
	AN ACT
	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.