Texas Tax Code Title 2, Chapter 204 - Tax Credit For New Field Discoveries

• Texas Section 204.001 - Definitions
  In this chapter: (1) "Commission" means the Railroad Commission of Texas. (2) "Field" means an accumulation of oil or gas or both that is not...
• Texas Section 204.002 - Tax Credit For New Field Discoveries
  (a) Persons who obtain a certification of a new field discovery from the commission as the result of a discovery well spudded during the period...
• Texas Section 204.003 - Certification Of New Field Discovery
  (a) The commission shall have the authority to establish the method of determining whether a new field has been discovered. The commission may require an...
• Texas Section 204.004 - Tax Credit For Additional Wells In A New Field
  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...
• Texas Section 204.005 - Application
  To qualify for the tax credit, a person who receives a new field discovery certificate from the commission must apply to the comptroller. The comptroller...
• Texas Section 204.006 - Applicability Of Tax Credit
  (a) Tax credits earned under this chapter may only be applied against the severance taxes imposed by Chapters 201 and 202 of this code. The...
• Texas Section 204.007 - Transferability Of Tax Credit
  The tax credit earned under this chapter is fully transferable. Added by Acts 1993, 73rd Leg., ch. 1014, Sec. 1, eff. Sept. 1, 1993.
• Texas Section 204.008 - Revocation Of New Field Designation
  (a) If the commission determines that a designated new field is connected with another recognized field, the tax credit provided by this chapter is canceled....
• Texas Section 204.009 - Penalties
  (a) Any person who makes or subscribes any application, report, or other document and submits it to the commission to form the basis for an...
• Texas Section 204.010 - Rules And Orders
  The commission has broad discretion in administering this chapter and may adopt and enforce any appropriate rules or orders that the commission finds necessary to...

Last modified: September 28, 2016