Section 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:7/15/2010
Amended 2010, Ky. Acts ch. 24, sec. 116, effective7/15/2010. -- Amended 2005, Ky. Acts ch. 123, sec. 16, effective 6/20/2005. -- Created 1998, Ky. Acts ch. 359, sec. 2, effective 7/15/1998.