137.132 Credit for production from recovered inactive petroleum well.
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<![CDATA[ Page 1 of 1 137.132 Credit for production from recovered inactive petroleum 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 <br>abandoned, as determined by the Energy and Environment Cabinet, and that <br>resumes producing crude petroleum oil. (2) Every taxpayer engaged in the production of crude petroleum oil within this Commonwealth shall be allowed a credit against the tax imposed under KRS <br>137.120 equal to four and one-half percent (4.5%) of the market value of crude <br>petroleum oil that is produced from a recovered inactive well. Effective: July 15, 2010 <br>History: Amended 2010 Ky. Acts ch. 24, sec. 103, effective July 15, 2010. -- Amended 2005 Ky. Acts ch. 123, sec. 15, effective June 20, 2005. -- Created 1998 Ky. Acts <br>ch. 359, sec. 1, effective July 15, 1998. ]]>