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AN ACT
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relating to the exemption from ad valorem taxation of |
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income-producing tangible personal property having a value of less |
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than a certain amount. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. The heading to Section 11.145, Tax Code, is |
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amended to read as follows: |
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Sec. 11.145. INCOME-PRODUCING TANGIBLE PERSONAL PROPERTY |
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HAVING VALUE OF LESS THAN $2,500 [$500]. |
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SECTION 2. Section 11.145(a), Tax Code, is amended to read |
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as follows: |
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(a) A person is entitled to an exemption from taxation of |
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the tangible personal property the person owns that is held or used |
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for the production of income if that property has a taxable value of |
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less than $2,500 [$500]. |
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SECTION 3. This Act applies only to ad valorem taxes imposed |
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for a tax year that begins on or after the effective date of this |
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Act. |
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SECTION 4. This Act takes effect January 1, 2022. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I hereby certify that S.B. No. 1449 passed the Senate on |
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April 22, 2021, by the following vote: Yeas 31, Nays 0. |
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______________________________ |
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Secretary of the Senate |
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I hereby certify that S.B. No. 1449 passed the House on |
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May 20, 2021, by the following vote: Yeas 144, Nays 1, one present |
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not voting. |
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______________________________ |
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Chief Clerk of the House |
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Approved: |
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______________________________ |
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Date |
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______________________________ |
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Governor |