Current as of April 14, 2021 | Updated by FindLaw Staff
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Components of tangible personal property used in connection with an advanced clean energy project, as defined by Section 382.003, Health and Safety Code, or a clean energy project, as defined by Section 120.001, Natural Resources Code, are exempted from the taxes imposed by this chapter if:
(1) the components are installed to capture carbon dioxide from an anthropogenic emission source, transport or inject carbon dioxide from such a source, or prepare carbon dioxide from such a source for transportation or injection; and
(2) the carbon dioxide is sequestered in this state:
(A) as part of an enhanced oil recovery project that qualifies for a tax rate reduction under Section 202.0545, as provided by Subsection (c) of that section; or
(B) in a manner and under conditions that create a reasonable expectation that at least 99 percent of the carbon dioxide will remain sequestered from the atmosphere for at least 1,000 years.
Cite this article: FindLaw.com - Texas Tax Code - TAX § 151.334. Components of Tangible Personal Property Used in Connection with Sequestration of Carbon Dioxide - last updated April 14, 2021 | https://codes.findlaw.com/tx/tax-code/tax-sect-151-334/
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