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A BILL TO BE ENTITLED
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AN ACT
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relating to the payment by the holder of abandoned mineral proceeds |
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of the ad valorem taxes on the mineral interest to which the |
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proceeds are attributable. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 74.301(a), Property Code, is amended to |
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read as follows: |
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(a) Except as provided by Subsection (c) of this section and |
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Section 74.3014, each holder who on June 30 holds property that is |
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presumed abandoned under Chapter 72, 73, or 75 shall deliver the |
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property to the comptroller on or before the following November 1 |
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accompanied by the report required to be filed under Section |
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74.101. |
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SECTION 2. Subchapter D, Chapter 74, Property Code, is |
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amended by adding Section 74.3014 to read as follows: |
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Sec. 74.3014. PAYMENT OF AD VALOREM TAXES ON MINERAL |
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INTEREST OUT OF ABANDONED MINERAL PROCEEDS. (a) In this section, |
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"holder," "mineral," and "mineral proceeds" have the meanings |
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assigned by Section 75.001. |
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(b) Before delivering to the comptroller mineral proceeds |
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that are presumed abandoned under Chapter 75 and that are |
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attributable to an interest that is subject to ad valorem taxation, |
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a holder shall obtain a certificate under Section 31.08, Tax Code, |
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from the collector for each taxing unit that taxes the interest |
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showing the amount of delinquent taxes, penalties, interest, and |
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any known costs and expenses under Section 33.48, Tax Code, due the |
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unit on the property according to the unit's tax records. |
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(c) Out of the mineral proceeds held by the holder that are |
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presumed to be abandoned under Chapter 75, the holder shall pay to |
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the collector for each taxing unit the amount due the unit as shown |
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on the tax certificate issued to the holder by the collector. |
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(d) After making the payment required by Subsection (c), the |
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holder shall deliver to the comptroller the remaining amount of the |
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mineral proceeds held by the holder that are presumed abandoned |
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under Chapter 75, except that the holder may retain an amount equal |
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to the total amount of the fees paid by the holder to the collectors |
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for the taxing units for the tax certificates obtained under |
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Subsection (b). |
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(e) The holder shall file with the comptroller a |
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verification of money delivered under this section that complies |
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with Section 74.302. |
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(f) A claim for money paid to the collector for a taxing unit |
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under this section must be filed with the holder that delivered the |
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money. The holder shall forward the claim to the collector for the |
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taxing unit to which the money was delivered. Payment of the claim |
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is governed by Section 31.11, Tax Code. |
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(g) The comptroller shall prescribe forms and procedures |
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governing this section, including forms and procedures relating to: |
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(1) notice of presumed abandoned property; |
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(2) delivery of reported money to the collector for a |
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taxing unit; and |
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(3) filing of a claim. |
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SECTION 3. This Act takes effect September 1, 2011. |