Texas § TX.204.002 - TAX CREDIT FOR NEW FIELD DISCOVERIES
Full text of Texas The Texas Constitution § TX.204.002 — TAX CREDIT FOR NEW FIELD DISCOVERIES, with citation guidance and answers to common questions.
§ TX.204.002. TAX CREDIT FOR NEW FIELD DISCOVERIES
TAX CREDIT FOR NEW FIELD DISCOVERIES. (a) Persons who obtain a certification of a new field discovery from the commission as the result of a discovery well spudded during the period of January 1, 1994, through December 31, 1994, are eligible for a tax credit applicable against the taxes imposed by Chapters 201 and 202 upon the commission notifying the comptroller that 521 new fields have been discovered as the result of wells spudded during 1994. (b) The amount of the tax credit shall be as follows: (1) $10,000 for each discovery well spudded during 1994 if the number of discovery wells spudded that year is 521 or more, but less than 721; (2) $25,000 for each discovery well spudded during 1994 if the number of discovery wells spudded that year is 721 or more. Added by Acts 1993, 73rd Leg., ch. 1014, Sec. 1, eff. Sept. 1, 1993.
Source: official Texas text · Last verified 2026-08-27
Frequently Asked Questions About Texas § TX.204.002
What does The Texas Constitution § TX.204.002 cover?
Section TX.204.002 ("TAX CREDIT FOR NEW FIELD DISCOVERIES") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § TX.204.002?
A common citation format is "The Texas Constitution § TX.204.002" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § TX.204.002 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.