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Revenue committee advances bill letting county treasurers escrow mineral estimated payments
Summary
The Senate Revenue Committee approved Senate File 151, allowing county treasurers to hold mineral estimated overpayments in escrow and refund producers at the year-end true-up; overpayments would be returned without interest, committee members said.
The Senate Revenue Committee on Wednesday passed Senate File 151, a bill that would let county treasurers place monthly mineral estimated payments that later prove to be overpayments into escrow and refund mineral producers after the annual true-up.
Senator Jones introduced the bill, saying the current practice distributes estimates using the previous year’s mill rate and does not apply the current year’s mill until a September true-up. "They are receiving funds not due to them, and then they're required, to not spend the money and return that to the county," Jones said, explaining the proposal would let treasurers "keep those estimated payments in escrow" to avoid repeated back-and-forth transfers.
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