Bill Text: TX SB817 | 2019-2020 | 86th Legislature | Introduced
Bill Title: Relating to the information required to be provided by a payor of the proceeds derived from the sale of oil or gas production to a royalty interest owner.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2019-03-20 - Left pending in committee [SB817 Detail]
Download: Texas-2019-SB817-Introduced.html
86R8558 BRG-F | ||
By: Hinojosa | S.B. No. 817 |
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relating to the information required to be provided by a payor of | ||
the proceeds derived from the sale of oil or gas production to a | ||
royalty interest owner. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 91.502, Natural Resources Code, is | ||
amended to read as follows: | ||
Sec. 91.502. TYPES OF INFORMATION PROVIDED. Each check | ||
stub, attachment to a payment form, or other remittance advice must | ||
include: | ||
(1) the lease, property, or well name, any lease, | ||
property, or well identification number used to identify the lease, | ||
property, or well, and a county and state in which the lease, | ||
property, or well is located; | ||
(2) the month and year during which the sales occurred | ||
for which payment is being made; | ||
(3) the total number of barrels of oil or the total | ||
amount of gas sold; | ||
(4) the price per barrel or per MCF of oil or gas sold; | ||
(4-a) the Btu factor for gas sold; | ||
(5) the total amount of state severance and other | ||
production taxes paid; | ||
(6) the windfall profit tax paid on the owner's | ||
interest; | ||
(7) any other deductions or adjustments; | ||
(8) the net value of total sales after deductions; | ||
(9) the owner's interest in sales from the lease, | ||
property, or well expressed as a decimal; | ||
(10) the owner's share of the total value of sales | ||
before any tax deductions; | ||
(11) the owner's share of the sales value less | ||
deductions; and | ||
(12) an address and telephone number at which | ||
additional information regarding the payment may be obtained and | ||
questions may be answered. | ||
SECTION 2. The change in law made by this Act applies only | ||
to a payment made on or after the effective date of this Act. A | ||
payment made before the effective date of this Act is governed by | ||
the law in effect on the date the payment is made, and the former law | ||
is continued in effect for that purpose. | ||
SECTION 3. This Act takes effect September 1, 2019. |