Texas Insider Report: AUSTIN, Texas – Texas Railroad Commissioner Christi Craddick sent a letter to Comptroller Glenn Hegar requesting he extend the monthly deadline to file crude oil and natural gas production taxes, as he has done with the state's franchise tax deadline.
In the letter, Commissioner Craddick writes:
"I ask you to also consider extending the monthly deadline to file crude oil and natural gas production taxes for three to six months to weather this storm. These taxes, like others the state imposes, have been deducted from mineral payments and held in trust to be remitted to your office. Other oil producing states have taken similar measures in the past week. A delay in filings may make the difference for companies giving them time and the needed flexibility to get through this crisis."
Commissioner Craddick also asked that Comptroller Hegar review appraisal standards for real property interest in oil in place to determine if guidance can be made from his office to reduce the high likelihood of massive numbers of mineral appraisal protests.
"These are unprecedented times and if we can give Texas businesses time and flexibility to weather this storm, policymakers should employ every avenue to do it," said Commissioner Craddick.
A copy of the letter can be viewed on the RRC website at https://rrc.texas.gov/media/57101/letter-to-cpahegar-4620.pdf.