Bill Text: TX SB36 | 2011 | 82nd Legislature 1st Special | Introduced
Bill Title: Relating to eligibility for the tax reduction for certain high-cost gas.
Spectrum: Partisan Bill (Democrat 6-0)
Status: (Introduced - Dead) 2011-06-14 - Co-author authorized [SB36 Detail]
Download: Texas-2011-SB36-Introduced.html
| 82S10242 MXM-F | ||
| By: Ellis, Davis, Lucio | S.B. No. 36 | |
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| relating to eligibility for the tax reduction for certain high-cost | ||
| gas. | ||
| 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 $6.50 per mcf. If the price is later $6.50 per mcf or less, | ||
| any drilling and completion costs incurred during a month when the | ||
| price exceeds $6.50 per mcf are excluded from the calculation of the | ||
| cumulative value of the exemption under Subsection (c). | ||
| (e-2) If the commission does not certify the gas as | ||
| high-cost gas under Subsection (e-1), the comptroller shall | ||
| determine the additional revenue from the tax imposed under this | ||
| chapter that is attributable to the gas not being certified. 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 October 15, 2011. | ||
| 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 immediately if it receives | ||
| a vote of two-thirds of all the members elected to each house, as | ||
| provided by Section 39, Article III, Texas Constitution. If this | ||
| Act does not receive the vote necessary for immediate effect, this | ||
| Act takes effect on the 91st day after the last day of the | ||
| legislative session. | ||
