137.132 Credit for production from recovered inactive petroleum well.
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/ky/chapter-137/137-132A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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, and that
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
137.120 equal to four and one-half percent (4.5%) of the market value of crude
petroleum oil that is produced from a recovered inactive well.