Texas Comptroller Proposes to Adopt Regulation on Natural Gas Tax Audits, Determination of Overpaid Amounts

The Texas Comptroller of Public Accounts Jan. 10 proposed to adopt a regulation on natural gas excise tax managed audits and determination of overpaid amounts. The proposal includes measures to: 1) define the terms “managed audit” and “taxpayer;" 2) authorize the comptroller to allow taxpayers that meet certain requirements to perform managed audits; 3) list the qualifying requirements for the authorization; 4) allow taxpayers to determine overpaid amounts by sampling marketing cost transactions, provided that the sampling method is approved by the comptroller; and 5) specify that on or after Sept. 1, 2019 taxpayers may claim a credit or a ...