Sec. 91.408. INFORMATION FOR PAYEES OF PROCEEDS OF PRODUCTION FROM CERTAIN GAS WELLS. (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, 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:
(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.
Added by Acts 1999, 76th Leg., ch. 609, Sec. 1, eff. Sept. 1, 1999; Acts 1999, 76th Leg., ch. 1483, Sec. 5, eff. Sept. 1, 1999.
Structure Texas Statutes
Subtitle B - Conservation and Regulation of Oil and Gas
Chapter 91 - Provisions Generally Applicable
Subchapter J. Payment for Proceeds of Sale
Section 91.402. Time for Payment of Proceeds
Section 91.403. Payment of Interest on Late Payments
Section 91.404. Nonpayment of Oil and Gas Proceeds or Interest
Section 91.406. Attorney's Fees and Minimum Award
Section 91.407. Notice of Change of Payor
Section 91.408. Information for Payees of Proceeds of Production From Certain Gas Wells