Tex. Tax Code § 204.002 · Chapter 204. TAX CREDIT FOR NEW FIELD DISCOVERIES
TAX CREDIT FOR NEW FIELD DISCOVERIES.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) Persons who obtain a certification of a new field discovery from the commission as the result of a discovery well spudded during the period of January 1, 1994, through December 31, 1994, are eligible for a tax credit applicable against the taxes imposed by Chapters 201 and 202 upon the commission notifying the comptroller that 521 new fields have been discovered as the result of wells spudded during 1994.
(b) The amount of the tax credit shall be as follows:
(1) $10,000 for each discovery well spudded during 1994 if the number of discovery wells spudded that year is 521 or more, but less than 721;
(2) $25,000 for each discovery well spudded during 1994 if the number of discovery wells spudded that year is 721 or more.
Notes and commentary — not statutory text
History
Added by Acts 1993, 73rd Leg., ch. 1014, Sec. 1, eff. Sept. 1, 1993.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/TX/htm/TX.204.htm
- Text hash
- sha256 2074ba60375839e821211dcbc6b335b64a4223b12693f4f553fb0018266bea44
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.