Sec. 11.271. OFFSHORE DRILLING EQUIPMENT NOT IN USE

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An owner or lessee of a marine or mobile drilling unit designed for offshore drilling of oil or gas wells is entitled to an exemption from taxation of the drilling unit if the drilling unit:
(1) is being stored in a county bordering on the Gulf of Mexico or on a bay or other body of water immediately adjacent to the Gulf of Mexico;
(2) is not being stored for the sole purpose of repair or maintenance; and
(3) is not being used to drill a well at the location at which it is being stored.

Added by Acts 1987, 70th Leg., ch. 805, Sec. 1, eff. Jan. 1, 1988.

                    
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