Now Bigger In Texas: Oil And Gas Refund Opportunities
April 16, 2012, 1:37 PM EDT
Law360, New York (April 16, 2012, 1:37 PM EDT) -- In a recent ruling from the bench in Southwest Royalties Inc. v. Combs, Cause D-1-GNU-09-004284 (Travis County 250th Dist. Ct.), Judge John Dietz overturned longstanding Texas comptroller policy and expanded the sale and use tax manufacturing exemption to include certain items used to extract oil and gas from wells.
If upheld on appeal, the April 12, 2012, ruling will create significant refund opportunities and prospective tax savings for the oil and gas industry. Taxpayers having potential refunds as a result of this case should consider filing...