Gross production tax; property exempt from ad valorem tax as used in the production of material subject to gross production tax; expanding exempt property. Effective date.

The header information was updated to show the document is now the 'House of Representatives - Floor Version' and 'Engrossed Senate Bill,' replacing the 'Committee Substitute' label. The page footer was also updated to reflect the House Floor version identifier.

The effective date for the tax exemptions was updated to January 1, 2027.

Header information was added to identify the document as a 'Committee Substitute' for the 2nd Session of the 60th Legislature.

Minor formatting errors in the list of exempt property (such as stray labels and punctuation) were cleaned up.

Added a new definition for 'disposal systems' to include all materials and equipment used to transport and dispose of waste materials produced with oil or gas.

Added a condition stating that exempt property remains exempt only as long as it is essential to the production of oil and gas in commercial quantities.

Updated the bill header to reflect the final enrolled version, including the names of additional sponsors, passage dates, and signature lines for the Governor and Secretary of State.

Removed all temporary refund deadlines and the requirement that refunds be claimed by specific dates.

Set the effective date for the new permanent exemption to January 1, 2027.

Removed the $12.5 million cap on total refunds and eliminated the concept of issuing cash refunds to taxpayers.

Added a permanent condition that exempt property must remain essential to producing oil and gas in commercial quantities.

Changed the definition of exempt property from specific financial thresholds to a broader list including tanks, meters, flowlines, and disposal systems.

Removed the detailed definitions for 'economically at-risk oil or gas lease' that were tied to production volumes and profit margins.