Texas SB1296 modifies the tax reduction for high-cost gas, requiring applications to be filed by September 1, 2025.

Texas SB1296 amends the tax reduction process for high-cost gas. It mandates that applications for tax reduction must be submitted to the comptroller before September 1, 2025. The application must include certification from the commission that the well produces high-cost gas and a report of drilling and completion costs. If the application is not filed by the deadline for maximum tax reduction but is filed before September 1, 2025, the tax reduction is reduced by 10 percent for the period starting 180 days after the first day of production and ending on the date the application is filed.

Texas SB1296 modifies the tax reduction for high-cost gas, requiring applications to be filed by September 1, 2025.

Texas SB1296 amends the tax reduction process for high-cost gas. It mandates that applications for tax reduction must be submitted to the comptroller before September 1, 2025. The application must include certification from the commission that the well produces high-cost gas and a report of drilling and completion costs. If the application is not filed by the deadline for maximum tax reduction but is filed before September 1, 2025, the tax reduction is reduced by 10 percent for the period starting 180 days after the first day of production and ending on the date the application is filed.