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House Bill 2859 |
House Author: Capriglione |
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Effective: See below |
Senate Sponsor: Fallon |
House Bill 2859 amends the Tax Code to entitle a person to an exemption from property taxation for the precious metal that the person owns and holds in a precious metal depository located in Texas, regardless of whether the precious metal is held or used by the person for the production of income. The bill prohibits the governing body of a taxing unit from providing for the taxation of precious metal exempted from taxation under the bill's provisions. The bill takes effect January 1, 2020, contingent on voter approval of the constitutional amendment proposed by House Joint Resolution 95.