Sec. 91.408.  INFORMATION FOR PAYEES OF PROCEEDS OF PRODUCTION FROM CERTAIN GAS WELLS.  (a)  A payor of proceeds from the sale of gas produced from a tight formation as defined by Section 29(c)(2)(B), Internal Revenue Code of 1986,  annually shall furnish the payee a statement providing the information necessary to compute the federal income tax credit provided by that section for the gas for which payment was made in the preceding year, including:
(1)  information as described in Section 91.502(1) of this code;  and
(2)  the volume of the gas, measured in:
(A)  thousands of cubic feet and heating value;  or
(B)  millions of British thermal units for each thousand cubic feet.
(b)  A payor shall furnish a statement required by Subsection (a) not later than March 15 each year.
Added by Acts 1999, 76th Leg., ch. 609, Sec. 1, eff. Sept. 1, 1999;  Acts 1999, 76th Leg., ch. 1483, Sec. 5, eff. Sept. 1, 1999.