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House Bill 315 |
House Author: Otto |
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Effective: 1-1-14 |
Senate Sponsor: Estes |
House Bill 315 amends the Tax Code to exclude a dealer who meets the following criteria from the application of provisions relating to the appraisal of a dealer's motor vehicle inventory for property tax purposes:
· the dealer does not sell self-propelled vehicles designed to transport persons or property on a public highway;
· either the dealer's total annual sales from the dealer's motor vehicle inventory, less sales to dealers, fleet transactions, and subsequent sales, for the preceding tax year are 25 percent or less of the dealer's total revenue from all sources during that period or the dealer did not sell a motor vehicle to a person other than another dealer during that preceding tax year and the dealer estimates that the dealer's total annual sales from the dealer's motor vehicle inventory, less sales to dealers, fleet transactions, and subsequent sales, for the current tax year will be 25 percent or less of the dealer's total revenue from all sources during that period;
· not later than August 31 of the preceding tax year, the dealer filed with the chief appraiser a declaration on a form prescribed by the comptroller of public accounts stating that the dealer elected not to be treated as a dealer for purposes of appraising the dealer's motor vehicle inventory for the property tax in the current tax year; and
· the dealer renders the dealer's motor vehicle inventory in the current tax year by filing a rendition with the chief appraiser in the manner prescribed by law.
House Bill 315 requires a dealer who has elected to file such a declaration and to render the dealer's motor vehicle inventory in such a manner to continue to file the declaration and render the inventory so long as the dealer's total annual sales do not exceed the threshold specified by the bill's provisions.