HB2585 S JUDICIARY AM #1

Greenlief 7835

            The Committee on the Judiciary moved to amend the bill by striking out everything after the enacting clause and inserting in lieu thereof the following:

            That the Code of West Virginia, 1931, as amended, be amended by adding thereto a new section, designated §11-4-9a, to read as follows:

ARTICLE 4. ASSESSMENT OF REAL PROPERTY.

§11-4-9a. Valuation of oil and gas mineral interests.

            To the extent that oil and gas production is used to determine the value of any interest in oil and gas for ad valorem taxes, presumed or projected production shall not be used to determine such value during the first year a well related to that interest is placed in production; but instead, only the actual value of such production may be considered in the determination of value in the first year.

            To the extent that oil and gas production is used to determine the value of any interest in oil and gas for ad valorem taxes, presumed or projected production shall not be used to determine such value during the last year a well related to that interest is placed in production; but instead, only the actual value of such production may be considered in the determination of value in the last year.

Adopted

Rejected