Tex. Tax Code § 204.004
Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.
Upon the commission notifying the comptroller that 842 discovery wells have been spudded in 1994, persons obtaining a new field discovery during that year shall be eligible for an additional $25,000 tax credit for each additional well spudded and producing from that field, within 10 years from the spud date of the discovery well. The tax credit is available to persons who obtain a new field discovery regardless of who drills the additional well.
Tex. Tax Code § 204.004