| 1 | 1 | | 88R4103 MLH-D |
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| 2 | 2 | | By: Cook H.B. No. 3970 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to the exemption from ad valorem taxation of mineral |
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| 8 | 8 | | interests having a value of less than a certain amount. |
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| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Section 11.146, Tax Code, is amended to read as |
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| 11 | 11 | | follows: |
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| 12 | 12 | | Sec. 11.146. MINERAL INTEREST HAVING VALUE OF LESS THAN |
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| 13 | 13 | | $5,000 [$500]. [(a)] A person is entitled to an exemption from |
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| 14 | 14 | | taxation of each [a] mineral interest the person owns that [if the |
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| 15 | 15 | | interest] has a taxable value of less than $5,000 [$500]. |
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| 16 | 16 | | [(b) The exemption provided by Subsection (a) applies to |
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| 17 | 17 | | each separate taxing unit in which a person owns a mineral interest |
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| 18 | 18 | | and, for the purposes of Subsection (a), all mineral interests in |
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| 19 | 19 | | each taxing unit are aggregated to determine value.] |
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| 20 | 20 | | SECTION 2. The change in law made by this Act applies only |
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| 21 | 21 | | to a tax year beginning on or after January 1, 2024. |
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| 22 | 22 | | SECTION 3. This Act takes effect January 1, 2024. |
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