Kentucky Statutes 143A.033 – Credit for production from recovered inactive natural gas well
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(1) As used in this section, “recovered inactive well” means a well that has been inactive for a consecutive two (2) year period or a well that has been plugged and abandoned, as determined by the Energy and Environment Cabinet, Division of Oil and Gas, and that resumes producing natural gas.
(2) Every taxpayer engaged in severing or processing natural gas within this
Commonwealth shall be allowed a credit against the tax imposed under KRS
143A.020 equal to four and one-half percent (4.5%) of the gross value of natural gas that is produced from a recovered inactive well.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 116, effective July 15, 2010. — Amended
2005 Ky. Acts ch. 123, sec. 16, effective June 20, 2005. — Created 1998 Ky. Acts ch.
359, sec. 2, effective July 15, 1998.
(2) Every taxpayer engaged in severing or processing natural gas within this
Terms Used In Kentucky Statutes 143A.033
- Processing: includes but is not limited to breaking, crushing, cleaning, drying, sizing, or loading or unloading for any purpose. See Kentucky Statutes 143A.010
- Year: means calendar year. See Kentucky Statutes 446.010
Commonwealth shall be allowed a credit against the tax imposed under KRS
143A.020 equal to four and one-half percent (4.5%) of the gross value of natural gas that is produced from a recovered inactive well.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 116, effective July 15, 2010. — Amended
2005 Ky. Acts ch. 123, sec. 16, effective June 20, 2005. — Created 1998 Ky. Acts ch.
359, sec. 2, effective July 15, 1998.