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A BILL TO BE ENTITLED
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AN ACT
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relating to eligibility for the tax reduction for certain high-cost |
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gas and the allocation of certain gas production tax revenue. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 201.057, Tax Code, is amended by adding |
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Subsections (e-1) and (e-2) to read as follows: |
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(e-1) Each month, the commission shall certify the average |
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closing price of gas during the previous three months based on |
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various price indices available to producers. The commission |
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shall publish certifications under this subsection in the Texas |
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Register. Notwithstanding any other provision of this section, the |
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commission may not certify that gas is high-cost gas for purposes of |
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this section during any month that the average closing price of gas |
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certified by the commission for the previous three-month period is |
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more than $4 per mcf. If the price is later $4 per mcf or less, any |
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drilling and completion costs incurred during a month when the |
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price exceeds $4 per mcf are excluded from the calculation of the |
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cumulative value of the exemption under Subsection (c). |
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(e-2) The comptroller shall determine the additional |
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revenue from the tax imposed under this chapter that results from |
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the application of Subsection (e-1). After deducting the amount |
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required by Section 201.403, the comptroller shall deposit that |
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revenue to the credit of the foundation school fund. Section |
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201.404 does not apply to revenue deposited under this subsection. |
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SECTION 2. The Railroad Commission of Texas shall publish |
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the initial certification required by Section 201.057(e-1), Tax |
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Code, as added by this Act, not later than September 30, 2013. |
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SECTION 3. The change in law made by this Act does not |
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affect tax liability accruing before the effective date of this |
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Act. That liability continues in effect as if this Act had not been |
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enacted, and the former law is continued in effect for the |
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collection of taxes due and for civil and criminal enforcement of |
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the liability for those taxes. |
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SECTION 4. This Act takes effect September 1, 2013. |