US Laws, Codes, Statutes & Cases

                                  TITLE  63
                             REVENUE AND TAXATION
                                  CHAPTER 35
                     COOPERATIVE ELECTRICAL ASSOCIATIONS
                           -- TAXING GROSS EARNINGS
    63-3502A.  LEVY OF TAX ON ANNUAL GROSS NATURAL GAS EARNINGS. There shall
be levied against every cooperative natural gas association in this state a
tax of three and one-half percent (3 1/2%) of its annual gross earnings, after
first reducing such gross earnings by its cost of natural gas.  This tax shall
be in lieu of all other taxes on the operating property of such association of
the tax year next preceding the filing of the statement hereinafter provided
for, and which shall be paid in the manner and at the time prescribed herein.