Statutes > Kentucky Statutes > CHAPTER 143A NATURAL RESOURCES SEVERANCE AND PROCESSING TAXES > 143A.033 Credit for production from recovered inactive natural gas well.

143A.033 Credit for production from recovered inactive natural gas well.

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Page 1 of 1 143A.033 Credit for production from recovered inactive natural gas well. (1) As used in this section, &quot;recovered inactive well&quot; 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, Division of Oil <br>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 <br>143A.020 equal to four and one-half percent (4.5%) of the gross value of natural <br>gas that is produced from a recovered inactive well. Effective: July 15, 2010 <br>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 <br>ch. 359, sec. 2, effective July 15, 1998.