84th Texas Legislature, Regular Session, Senate Bill 1985, Chapter 4 Page: 4 of 5
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LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 84TH LEGISLATIVE REGULAR SESSION
April 2, 2015
TO: Honorable Jane Nelson, Chair, Senate Committee on Finance
FROM: Ursula Parks, Director, Legislative Budget Board
IN RE: SB1985 by Uresti (Relating to the appraisal for ad valorem tax purposes of a real property
interest in oil or gas in place.), As Introduced
No fiscal implication to the State is anticipated.
The bill would amend Chapter 23 of the Tax Code, regarding property tax appraisal methods and
procedures, to provide that, in some specified circumstances for purposes of appraising a real
property interest in oil or gas in place, the price adjustment factor is calculated based on the U.S.
Energy Information Administration's (EIA's) most recently published edition of the Annual
Energy Outlook, rather than EIA's Early Release Overview of the Annual Energy Outlook. If on
February 1 of the current calendar year the most recently published edition of the Annual Energy
Outlook was published before December 1 of the preceding calendar year, the bill would require
the chief appraiser to use for the price adjustment factor calculations the projected and preceding
calendar year specified prices as stated in EIA's Short-Term Energy Outlook report published in
January of the current calendar year.
The bill also, for purposes of calculating the price adjustment factor, would replace references to
the "price of imported low-sulfur light crude oil in nominal dollars" with "spot price of West
Texas Intermediate crude oil in nominal dollars per barrel" and would replace references to the
"spot price of natural gas at the Henry Hub in nominal dollars" with "spot price of natural gas at
the Henry Hub in nominal dollars per million British thermal units."
The bill would make technical corrections to ensure that property tax appraisers have oil and gas
price information necessary to perform timely appraisals for the current tax year, but would not
affect taxable property values, tax rates, collection rates, or any other variable which might affect
the revenues of units of local governments or the state.
The bill would take effect January 1, 2016.
Local Government ImpactNo fiscal implication to units of local government is anticipated.
Source Agencies: 304 Comptroller of Public Accounts
LBB Staff: UP, KK, SD, SJSPage 1 of 1
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Texas. Legislature. Senate. 84th Texas Legislature, Regular Session, Senate Bill 1985, Chapter 4, legislative document, May 5, 2015; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth704216/m1/4/: accessed July 18, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.