Petition for Writ of Mandamus - Filed - Supreme Court of Texas
Petition for Writ of Mandamus - Filed - Supreme Court of Texas
Petition for Writ of Mandamus - Filed - Supreme Court of Texas
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TAX CODE CHAPTER 171. FRANCHISE TAX<br />
http://www.statutes.legis.state.tx.us/Docs/TX/htm/TX.171.htm<br />
Page 36 <strong>of</strong> 88<br />
6/25/2012<br />
successor agency.<br />
(q) A taxable entity shall exclude from its total revenue, to<br />
the extent included under Subsection (c)(1)(A), (c)(2)(A), or (c)(3),<br />
all revenue received that is directly derived from the operation <strong>of</strong> a<br />
facility that is:<br />
(1) located on property owned or leased by the federal<br />
government; and<br />
(2) managed or operated primarily to house members <strong>of</strong> the<br />
armed <strong>for</strong>ces <strong>of</strong> the United States.<br />
(r) A taxable entity shall exclude, to the extent included<br />
under Subsection (c)(1)(A), (c)(2)(A), or (c)(3), total revenue<br />
received from oil or gas produced, during the dates certified by the<br />
comptroller pursuant to Subsection (s), from:<br />
(1) an oil well designated by the Railroad Commission <strong>of</strong><br />
<strong>Texas</strong> or similar authority <strong>of</strong> another state whose production averages<br />
less than 10 barrels a day over a 90-day period; and<br />
(2) a gas well designated by the Railroad Commission <strong>of</strong><br />
<strong>Texas</strong> or similar authority <strong>of</strong> another state whose production averages<br />
less than 250 mcf a day over a 90-day period.<br />
(s) The comptroller shall certify dates during which the<br />
monthly average closing price <strong>of</strong> West <strong>Texas</strong> Intermediate crude oil is<br />
below $40 per barrel and the average closing price <strong>of</strong> gas is below $5<br />
per MMBtu, as recorded on the New York Mercantile Exchange (NYMEX).<br />
(t) The comptroller shall adopt rules as necessary to<br />
accomplish the legislative intent prescribed by this section.<br />
Amended by:<br />
Acts 2006, 79th Leg., 3rd C.S., Ch. 1, Sec. 5, eff. January 1,<br />
2008.<br />
Acts 2007, 80th Leg., R.S., Ch. 1282, Sec. 12, eff. January 1,<br />
2008.<br />
Acts 2007, 80th Leg., R.S., Ch. 1282, Sec. 13, eff. January 1,<br />
2008.<br />
Acts 2007, 80th Leg., R.S., Ch. 1282, Sec. 37(2), eff. January<br />
1, 2008.<br />
Acts 2009, 81st Leg., R.S., Ch. 1360, Sec. 3(a), eff. January 1,<br />
2010.<br />
Acts 2011, 82nd Leg., 1st C.S., Ch. 4, Sec. 45.03, eff. January<br />
1, 2012.
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