15-35-202. New coal production incentive tax credit allowed -- application limited. (1) A coal mine operator is entitled to a new coal production incentive tax credit against the tax imposed under 15-35-103 of:
     (a) 40% for incremental production sold after June 30, 1988, and before July 1, 1990; and
     (b) 25% for incremental production sold after June 30, 1990, and before July 1, 1991.
     (2) A coal mine operator is entitled to a new coal production incentive tax credit against the tax imposed under 15-35-103 on incremental production for the entire term of an agreement, except as provided in subsection (3), and is entitled to adjustment of the base consumption level and the base production level, as defined in 15-35-102, if the incremental production resulted from coal purchases under:
     (a) an existing agreement which was extended after December 31, 1984, and before July 1, 1991, for at least a 5-year period; or
     (b) a new agreement that was executed after December 31, 1984, and before July 1, 1991.
     (3) No credit may be claimed for coal produced prior to January 1, 1985.

     History: En. Sec. 3, Ch. 636, L. 1985; amd. Sec. 5, Ch. 608, L. 1987; amd. Sec. 3, Ch. 31, L. 1989.