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A BILL TO BE ENTITLED
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AN ACT
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relating to requirements for reporting unclaimed mineral proceeds |
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to the comptroller of public accounts. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 74.101, Property Code, is amended by |
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adding Subsection (e) to read as follows: |
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(e) A holder of mineral proceeds under Chapter 75 that is |
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regulated by the Railroad Commission of Texas under Chapter 91, |
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Natural Resources Code, shall include in the property report for |
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the proceeds, in addition to the information listed in Subsection |
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(c), the following information with respect to each well the |
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production from which resulted in the proceeds: |
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(1) the survey name for the location of the well; and |
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(2) from the Railroad Commission of Texas Form W-1 |
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(Application for Permit to Drill, Deepen, Plug-back or Re-enter): |
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(A) the General Land Office abstract number for |
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the location of the well; and |
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(B) the global positioning system coordinates |
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for the location of the well. |
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SECTION 2. Section 74.101(e), Property Code, as added by |
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this Act, applies only to a report filed on or after the effective |
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date of this Act. A report filed before the effective date of this |
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Act is governed by the law as it existed immediately before the |
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effective date of this Act, and that law is continued in effect for |
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that purpose. |
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SECTION 3. This Act takes effect September 1, 2015. |