Ky. Rev. Stat. Ann. § 143A.033 - Credit for Production From Recovered Inactive Natural Gas Well.

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.