Or. Admin. R. 461-145-0348

Current through Register Vol. 63, No. 6, June 1, 2024

Section 461-145-0348 - Mineral Rights; OSIP, OSIPM, QMB

(1) In the OSIP, OSIPM, and QMB programs, "mineral rights" represent ownership interest in natural resources such as coal, oil, or natural gas, which normally are extracted from the ground.

(2) In the OSIP, OSIPM, and QMB-DW programs, mineral rights(see section (1) of this rule) are treated as follows:

(a) If the individual owns the property to which the mineral rights pertain, the current market value of the property is assumed to include the value of the mineral rights and is treated in accordance with OAR 461-145-0420.

(b) If the individual does not own the land to which the mineral rights pertain, the current market value of the mineral rights is counted as a resource.

(c) Income received from mineral rights, including compensation paid to the owner for the use or lease of property or natural resources, is considered royalty income and treated in accordance with OAR 461-145-0108.

(3) In the QMB-BAS, QMB-SMB, and QMB-SMF programs, mineral rights are treated as follows:

(a) Income received from mineral rights, including compensation paid to the owner for the use or lease of property or natural resources, is considered royalty income and treated in accordance with OAR 461-145-0108.

(b)Mineral rights are excluded as a resource.

Or. Admin. R. 461-145-0348

SSP 14-2017, f. 6-5-17, cert. ef. 7/1/2017; SSP 28-2018, amend filed 09/06/2018, effective 10/1/2018

Statutory/Other Authority: ORS 409.050, 410.070, 411.060, 411.070, 411.404, 411.706, 413.085 & 414.685

Statutes/Other Implemented: ORS 413.085, 414.685, 414.839, ORS 409.010, 409.050, 410.020, 410.070, 410.080, 411.060, 411.070, 411.404 & 411.706