By: Middleton S.B. No. 2553               A BILL TO BE ENTITLED   AN ACT   relating to the establishment of a strategic reserve of gas and   crude oil and a severance tax credit for delivering gas and oil to   the reserve.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Chapter 81, Natural Resources Code, is amended   by adding Subchapter G to read as follows:   SUBCHAPTER G. STRATEGIC GAS AND CRUDE OIL RESERVE          Sec. 81.171.  DEFINITIONS. In this subchapter:                (1)  "Program" means the strategic gas and crude oil   reserve program established under this subchapter.                (2)  "Reserve" means the strategic gas and crude oil   reserve maintained under this subchapter.          Sec. 81.172.  PROGRAM ESTABLISHMENT; POWERS. (a) The   commission shall establish a program for acquiring and maintaining   a strategic gas and crude oil reserve for the distribution of gas   and crude oil in this state.          (b)  The commission may purchase, lease, or sell property,   including gas or crude oil, or take any other action reasonably   necessary to establish the program required by Subsection (a).          (c)  The commission may accept gifts, grants, and donations,   including gas or crude oil, to implement the program.          Sec. 81.173.  GUIDELINE FOR PROGRAM ESTABLISHMENT AND   OPERATION. The program must be established and operated in a manner   that avoids unnecessary impacts on the gas and oil industries when   acquiring or distributing the gas or crude oil and minimizes the   cost of establishing and operating the program.          Sec. 81.174.  RULES. (a) The Public Utility Commission of   Texas shall adopt rules governing the conditions under which gas or   crude oil may be distributed from the reserve.          (b)  The commission may adopt rules to implement this   subchapter, other than the rules required by Subsection (a).          SECTION 2.  Subchapter E, Chapter 201, Tax Code, is amended   by adding Section 201.2025 to read as follows:          Sec. 201.2025.  TAX CREDIT FOR IN-KIND DELIVERY OF GAS. (a)   The person responsible for the payment of the tax imposed by this   chapter is entitled to a credit against the tax in the amount and   under the conditions provided by this section.          (b)  The amount of the credit is equal to the market value of   gas delivered, including transportation, without charge to and   accepted by this state for the purpose of strategic energy storage.          (c)  The credit may not be applied against any portion of the   tax that is required by the state constitution to be deposited to   the credit of the foundation school fund or transferred to the state   highway fund.          (d)  A taxpayer may carry any unused credit forward until the   credit is used.          (e)  The comptroller may adopt rules to implement this   section.          SECTION 3.  Subchapter D, Chapter 202, Tax Code, is amended   by adding Section 202.1515 to read as follows:          Sec. 202.1515.  TAX CREDIT FOR IN-KIND DELIVERY OF OIL. (a)   The person responsible for the payment of the tax imposed by this   chapter is entitled to a credit against the tax in the amount and   under the conditions provided by this section.          (b)  The amount of the credit is equal to the market value of   oil delivered, including transportation, without charge to and   accepted by this state for the purpose of strategic energy storage.          (c)  The credit may not be applied against any portion of the   tax that is required by the state constitution to be deposited to   the credit of the foundation school fund or transferred to the state   highway fund.          (d)  A taxpayer may carry any unused credit forward until the   credit is used.          (e)  The comptroller may adopt rules to implement this   section.          SECTION 4.  As soon as practicable after the strategic gas   and crude oil reserve is established under Subchapter G, Chapter   81, Natural Resources Code, as added by this Act, the Public Utility   Commission of Texas shall adopt the rules required by Section   81.174(a), Natural Resources Code, as added by this Act.          SECTION 5.  The change in law made by this Act does not   affect tax liability accruing before the effective date of this   Act. That liability continues in effect as if this Act had not been   enacted, and the former law is continued in effect for the   collection of taxes due and for civil and criminal enforcement of   the liability for those taxes.          SECTION 6.  This Act takes effect September 1, 2023.