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