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A BILL TO BE ENTITLED
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AN ACT
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relating to the exemption from ad valorem taxation of mineral |
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interests having a value of less than a certain amount. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 11.146, Tax Code, is amended to read as |
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follows: |
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Sec. 11.146. MINERAL INTEREST HAVING VALUE OF LESS THAN |
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$5,000 [$500]. [(a)] A person is entitled to an exemption from |
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taxation of each [a] mineral interest the person owns that [if the |
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interest] has a taxable value of less than $5,000 [$500]. |
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[(b) The exemption provided by Subsection (a) applies to |
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each separate taxing unit in which a person owns a mineral interest |
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and, for the purposes of Subsection (a), all mineral interests in |
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each taxing unit are aggregated to determine value.] |
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SECTION 2. The change in law made by this Act applies only |
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to a tax year beginning on or after January 1, 2024. |
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SECTION 3. This Act takes effect January 1, 2024. |