143A.033 Credit for production from recovered inactive natural gas well. - Kentucky Statutes

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Page 1 of 1 143A.033 Credit for production from recovered inactive natural gas well. (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.