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Senate Bill 1508 |
Senate Author: Hegar |
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Effective: 1-1-14 |
House Sponsor: Workman |
Current law requires a person to render for taxation all tangible personal property used for the production of income that the person owns or that the person manages and controls as a fiduciary on January 1. Senate Bill 1508 amends the Tax Code to authorize a secured party, with the consent of a property owner, to render for taxation any property of the property owner in which the secured party has a security interest on January 1 and that has a historical cost when new of more than $50,000.
Senate Bill 1508 requires a secured party who so renders such property to indicate the party's status as a secured party and to state the property owner's name and address. The bill authorizes a secured party to rely on information provided by the property owner for purposes of such rendition and establishes that the secured party is not liable for inaccurate owner-provided information included on the rendition statement or for failure to timely file the rendition statement because of the property owner's failure to promptly cooperate with the secured party.