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A BILL TO BE ENTITLED
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AN ACT
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relating to the payment of ad valorem taxes on mineral interests |
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held by an entity other than the owner. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 32.07, Tax Code, is amended by adding |
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Subsection (i) as follows: |
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(i) If revenues from a producing mineral interest are held |
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by an entity other than the legal owner of that producing mineral |
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interest, the property taxes due on that interest shall be paid by |
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the entity which holds the funds, to the extent that such payment |
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does not exceed the total amount of funds held in escrow for that |
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interest owner. |
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SECTION 2. This Act takes effect September 1, 2011. |