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Arkansas Code Title 26. Taxation § 26-58-206. Permit for credit

Current as of March 28, 2024 | Updated by Findlaw Staff

(a) A producer in this state wishing to obtain the benefits of the provisions of this subchapter shall make application to the Secretary of the Department of Finance and Administration for a permit to obtain credit on severance taxes due on all oil or natural gas produced in saltwater-producing wells of the producer as provided in this subchapter.

(b) The application shall list:

(1) The name and address of the producer;

(2) The number and location of all saltwater-producing wells of the producer; and

(3) A certified copy of a certificate from the Arkansas Pollution Control and Ecology Commission and the Oil and Gas Commission certifying that all salt water produced in the production of oil or natural gas in the wells is being disposed of in an approved underground saltwater disposal system.

(c) If the secretary determines that the producer has complied with the provisions of this subchapter and the rules established by the secretary, the secretary shall issue a permit to the producer.

(d) The permit shall entitle the producer to obtain a severance tax credit on all oil or natural gas produced in saltwater-producing wells in the amount provided in this subchapter.

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Cite this article: FindLaw.com - Arkansas Code Title 26. Taxation § 26-58-206. Permit for credit - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-26-taxation/ar-code-sect-26-58-206/

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