| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to the information required to be provided by a payor of |
|
|
the proceeds derived from the sale of oil or gas production to a |
|
|
royalty interest owner. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 91.502, Natural Resources Code, is |
|
|
amended to read as follows: |
|
|
Sec. 91.502. TYPES OF INFORMATION PROVIDED. Each check |
|
|
stub, attachment to a payment form, or other remittance advice must |
|
|
include: |
|
|
(1) the lease, property, or well name, any lease, |
|
|
property, or well identification number used to identify the lease, |
|
|
property, or well, and a county and state in which the lease, |
|
|
property, or well is located; |
|
|
(2) the month and year during which the sales occurred |
|
|
for which payment is being made; |
|
|
(3) the total number of barrels of oil or the total |
|
|
amount of gas sold; |
|
|
(4) the price per barrel or per MCF of oil or gas sold; |
|
|
(4-a) the Btu factor for gas sold; |
|
|
(5) the total amount of state severance and other |
|
|
production taxes paid; |
|
|
(6) the windfall profit tax paid on the owner's |
|
|
interest; |
|
|
(7) any other deductions or adjustments; |
|
|
(8) the net value of total sales after deductions; |
|
|
(9) the owner's interest in sales from the lease, |
|
|
property, or well expressed as a decimal; |
|
|
(10) the owner's share of the total value of sales |
|
|
before any tax deductions; |
|
|
(11) the owner's share of the sales value less |
|
|
deductions; and |
|
|
(12) an address and telephone number at which |
|
|
additional information regarding the payment may be obtained and |
|
|
questions may be answered. |
|
|
SECTION 2. The change in law made by this Act applies only |
|
|
to a payment made on or after the effective date of this Act. A |
|
|
payment made before the effective date of this Act is governed by |
|
|
the law in effect on the date the payment is made, and the former law |
|
|
is continued in effect for that purpose. |
|
|
SECTION 3. This Act takes effect September 1, 2019. |