|
House Bill 3121 |
House Author: Harper-Brown et al. |
|
Effective: See below |
Senate Sponsor: Deuell et al. |
House Bill 3121 amends the Tax Code to authorize the governing body of a taxing unit to extend the freeport exemption period for aircraft parts held temporarily in Texas for the sole purpose of assembly, storage, manufacturing, or other processing before being shipped out of state to a date not later than the 730th day after the date the parts were acquired or imported into Texas for that purpose. The bill limits the application of such an extension to the tax exemption by the taxing unit adopting the extension and applies the extension to the tax year in which the extension is adopted or the following tax year, depending on whether the extension was adopted before or after June 1, and to each tax year following the year of the extension's adoption. The bill takes effect January 1, 2014, contingent on voter approval of the constitutional amendment proposed by House Joint Resolution 133.