By: Uresti S.B. No. 1647
A BILL TO BE ENTITLED
AN ACT
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.