Texas Natural Resources Code

§ 91.408 — INFORMATION FOR PAYEES OF PROCEEDS OF PRODUCTION FROM CERTAIN GAS WELLS

NR § 91.408Title 3. OIL AND GAS · Part B. CONSERVATION AND REGULATION OF OIL AND GAS · Ch. 91. PROVISIONS GENERALLY APPLICABLE · Art. J. PAYMENT FOR PROCEEDS OF SALE

Statute text

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(a)A payor of proceeds from the sale of gas produced from a tight formation as defined by Section 29(c)(2)(B), Internal Revenue Code of 1986, annually shall furnish the payee a statement providing the information necessary to compute the federal income tax credit provided by that section for the gas for which payment was made in the preceding year, including:

(1)information as described in Section 91.502(1) of this code; and

(2)the volume of the gas, measured in:

(A)thousands of cubic feet and heating value; or

(B)millions of British thermal units for each thousand cubic feet.

(b)A payor shall furnish a statement required by Subsection (a) not later than March 15 each year.

Legislative history

Added by Acts 1999, 76th Leg., ch. 609, Sec. 1, eff. Sept. 1, 1999; Acts 1999, 76th Leg., ch. 1483, Sec. 5, eff. Sept. 1, 1999.