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Texas Natural Resources Code - NAT RES § 91.408. Information for Payees of Proceeds of Production From Certain Gas Wells

Current as of January 01, 2024 | Updated by Findlaw Staff

(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,  1 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:  2

(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.

1 26 U.S.C.A. § 29(c)(2)(B).
2 As added by Acts 1999, 76th Leg., ch. 609, § 1, the colon followed “measured”, and paragraphs (A) and (B) read “in thousands” and “in millions” respectively.
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Cite this article: FindLaw.com - Texas Natural Resources Code - NAT RES § 91.408. Information for Payees of Proceeds of Production From Certain Gas Wells - last updated January 01, 2024 | https://codes.findlaw.com/tx/natural-resources-code/nat-res-sect-91-408/

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