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ID H0373

Bill

Official Source

Status

Introduced

1/18/2018

Primary Sponsor

Resources and Conservation Committee

Click for details

Origin

House of Representatives

2018 Regular Session

AI Summary

  • Removes the provision that allowed rental payments to be deducted from royalties as they accrue in the same year under Idaho Code Section 47-704
  • Maintains all other requirements for mineral leases on state lands, including minimum annual rental of $1.00 per acre and royalty rates set by the state board of land commissioners
  • Specifies that oil and gas leases must have royalties of at least 12 1/2% with a minimum royalty of 2 1/2%
  • Corrects terminology in the statute related to mineral rights leasing procedures
  • Applies to mineral leases on unsold state lands, lands sold with mineral reservations, and lands between the high water marks of navigable rivers

Legislative Description

Amends existing law to remove a provision regarding the deduction of rents paid for any year from royalties as they accrue for that year.

MINERAL RIGHTS IN STATE LANDS

Last Action

Reported Printed and Referred to Resources & Conservation

1/19/2018

Committee Referrals

Resources and Conservation1/19/2018

Full Bill Text

No bill text available