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A BILL TO BE ENTITLED
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AN ACT
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relating to the exemption of oil and gas royalty interests owned by |
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private institutions of higher education from oil and gas severance |
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taxes. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter B, Chapter 201, Tax Code, is amended |
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by adding Section 201.056 to read as follows: |
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Sec. 201.056. EXEMPTION OF PRIVATE OR INDEPENDENT |
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INSTITUTIONS OF HIGHER EDUCATION. (a) "Private or independent |
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institution of higher education" has the meaning assigned by |
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Section 61.003, Education Code. |
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(b) Royalty interests owned by a private or independent |
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institution of higher education are not subject to the tax imposed |
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by this chapter. |
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SECTION 2. Subchapter B, Chapter 202, Tax Code, is amended |
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by adding Section 202.062 to read as follows: |
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Sec. 202.062. EXEMPTION OF PRIVATE OR INDEPENDENT |
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INSTITUTIONS. (a) "Private or independent institution of higher |
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education" has the meaning assigned by Section 61.003, Education |
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Code. |
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(b) Royalty interests owned by a private or independent |
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institution of higher education are not subject to the tax imposed |
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by this chapter. |
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SECTION 3. The change in law made by this Act does not |
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affect tax liability accruing before the effective date of this |
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Act. That liability continues in effect as if this Act had not been |
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enacted, and the former law is continued in effect for the |
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collection of taxes due and for civil and criminal enforcement of |
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the liability for those taxes. |
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SECTION 4. This Act takes effect September 1, 2009. |