Bill Text: TX HB1285 | 2011-2012 | 82nd Legislature | Introduced
Bill Title: Relating to the payment by the holder of abandoned mineral proceeds of the ad valorem taxes on the mineral interest to which the proceeds are attributable.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2011-03-01 - Referred to Ways & Means [HB1285 Detail]
Download: Texas-2011-HB1285-Introduced.html
82R2410 SMH-D | ||
By: Kleinschmidt | H.B. No. 1285 |
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relating to the payment by the holder of abandoned mineral proceeds | ||
of the ad valorem taxes on the mineral interest to which the | ||
proceeds are attributable. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 74.301(a), Property Code, is amended to | ||
read as follows: | ||
(a) Except as provided by Subsection (c) of this section and | ||
Section 74.3014, each holder who on June 30 holds property that is | ||
presumed abandoned under Chapter 72, 73, or 75 shall deliver the | ||
property to the comptroller on or before the following November 1 | ||
accompanied by the report required to be filed under Section | ||
74.101. | ||
SECTION 2. Subchapter D, Chapter 74, Property Code, is | ||
amended by adding Section 74.3014 to read as follows: | ||
Sec. 74.3014. PAYMENT OF AD VALOREM TAXES ON MINERAL | ||
INTEREST OUT OF ABANDONED MINERAL PROCEEDS. (a) In this section, | ||
"holder," "mineral," and "mineral proceeds" have the meanings | ||
assigned by Section 75.001. | ||
(b) Before delivering to the comptroller mineral proceeds | ||
that are presumed abandoned under Chapter 75 and that are | ||
attributable to an interest that is subject to ad valorem taxation, | ||
a holder shall obtain a certificate under Section 31.08, Tax Code, | ||
from the collector for each taxing unit that taxes the interest | ||
showing the amount of delinquent taxes, penalties, interest, and | ||
any known costs and expenses under Section 33.48, Tax Code, due the | ||
unit on the property according to the unit's tax records. | ||
(c) Out of the mineral proceeds held by the holder that are | ||
presumed to be abandoned under Chapter 75, the holder shall pay to | ||
the collector for each taxing unit the amount due the unit as shown | ||
on the tax certificate issued to the holder by the collector. | ||
(d) After making the payment required by Subsection (c), the | ||
holder shall deliver to the comptroller the remaining amount of the | ||
mineral proceeds held by the holder that are presumed abandoned | ||
under Chapter 75, except that the holder may retain an amount equal | ||
to the total amount of the fees paid by the holder to the collectors | ||
for the taxing units for the tax certificates obtained under | ||
Subsection (b). | ||
(e) The holder shall file with the comptroller a | ||
verification of money delivered under this section that complies | ||
with Section 74.302. | ||
(f) A claim for money paid to the collector for a taxing unit | ||
under this section must be filed with the holder that delivered the | ||
money. The holder shall forward the claim to the collector for the | ||
taxing unit to which the money was delivered. Payment of the claim | ||
is governed by Section 31.11, Tax Code. | ||
(g) The comptroller shall prescribe forms and procedures | ||
governing this section, including forms and procedures relating to: | ||
(1) notice of presumed abandoned property; | ||
(2) delivery of reported money to the collector for a | ||
taxing unit; and | ||
(3) filing of a claim. | ||
SECTION 3. This Act takes effect September 1, 2011. |