§ 26-58-206 - Permit for credit.
26-58-206. Permit for credit.
(a) Any oil producer in this state wishing to obtain the benefits of the provisions for this subchapter shall make application to the Director of the Department of Finance and Administration for a permit to obtain credit on severance taxes due on all oil produced in salt water producing oil wells of such oil producer as provided in this subchapter.
(b) The application shall list:
(1) The name and address of the oil producer;
(2) The number and location of all salt water producing oil wells of such oil producer; and
(3) A certified copy of a certificate from the Arkansas Pollution Control and Ecology Commission and the Arkansas Oil and Gas Commission certifying that all salt water produced in the production of oil in such oil wells is being disposed of in an approved underground salt water disposal system.
(c) If the director determines that the oil producer has complied with the provisions of this subchapter and the rules and regulations established by the director, the director shall issue a permit to such oil producer.
(d) The permit shall entitle the oil producer to obtain credit on severance taxes due the State of Arkansas on all oil produced in salt water producing oil wells in the amount provided in this subchapter.