Bill Title: Amends the Principal and Income Act. Provides that, only for oil or gas from non-coal formations held in nontrust estates and by legal tenants and remaindermen (instead of "with respect only to nontrust estates, for oil or gas from non-coal formations"), proceeds from the sale of such minerals produced and received as royalty, overriding royalty, limited royalty, working interest, net profit interest, time-limited interest or term interest, or lease bonus shall be deemed income. Deletes language providing that a Section concerning non-trust estates does not apply to life estates and remainder interests in oil or gas from non-coal formations, or royalties or overriding royalties created under leases of such minerals. Makes other changes.

Spectrum: Slight Partisan Bill (Republican 2-1)

Status: (Passed) 2018-08-10 - Public Act . . . . . . . . . 100-0761 [HB4920 Detail]

Text: Latest bill text (Chaptered) [HTML]

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