1st Sub.
H.B.
74
PROPERTY TAX MODIFICATIONS
Senate Committee
Amendments
Amendment 2 February 12, 2013 11:14 AM
Senator ___________
proposes the following amendments:
1. Page
11, Lines 318 through 327
House Floor Amendments
2-8-2013
:
318
H. [(32)] (33) .H "Split estate mineral rights owner" means a person who:
319
(a) has a legal right to extract a mineral from property;
320
(b) does not hold more than a H. [1%] 25% .H interest in:
321
(i) the
{
property's
}
land surface rights
of the property where the wellhead is located
; or
322
(ii) an entity with an ownership interest in the
{
property's
}
land surface rights
of the property
where the wellhead is located
;
323
(c) is not an entity in which the owner of the
{
property's
}
land surface rights
of the property
where the wellhead is located
holds more
324
than a H. [1%] 25% .H interest; and
325
(d) does not have a relationship with an owner of the
{
property's
}
land surface rights
of the
property where the wellhead is located
H. [ that
326
is a relationship described in Subsection 267(b), Internal Revenue Code, except that the term
327
1% shall be substituted for the term 50% in Subsection 267(b), Internal Revenue Code] .H .
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