Bill Text: TX SB1647 | 2011-2012 | 82nd Legislature | Introduced
Bill Title: Relating to the payment of ad valorem taxes on mineral interests held by an entity other than the owner.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2011-04-07 - Left pending in committee [SB1647 Detail]
Download: Texas-2011-SB1647-Introduced.html
By: Uresti | S.B. No. 1647 | |
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relating to the payment of ad valorem taxes on mineral interests | ||
held by an entity other than the owner. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 32.07, Tax Code, is amended by adding | ||
Subsection (i) as follows: | ||
(i) If revenues from a producing mineral interest are held | ||
by an entity other than the legal owner of that producing mineral | ||
interest, the property taxes due on that interest shall be paid by | ||
the entity which holds the funds, to the extent that such payment | ||
does not exceed the total amount of funds held in escrow for that | ||
interest owner. | ||
SECTION 2. This Act takes effect September 1, 2011. |