By Place H.B. No. 2908 A BILL TO BE ENTITLED 1-1 AN ACT 1-2 providing for severance of certain possessory interests from the 1-3 property incumbered by such interests for ad valorem tax assessment 1-4 purposes. 1-5 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-6 SECTION 1. That the Tax Code be amended by adding a Section 1-7 25.15 to read as follows: 1-8 Section 25.15. A leasehold or other possessory interest 1-9 shall be listed in the name of the owner of the possessory interest 1-10 if the duration of the interest, including any granted optional 1-11 duration, extends beyond three years after January 1 of the tax 1-12 year and if the owner of either the possessory interest or the 1-13 property incumbered thereby files with the appraisal office before 1-14 May 1 a written request for separate taxation on a form furnished 1-15 for that purpose together with proof of the separate ownership and 1-16 a concise description of the possessory interest and the 1-17 consideration paid therefore. After a possessory interest 1-18 qualifies for taxation separate from the property so incumbered, 1-19 the qualification remains effective in subsequent tax years and 1-20 need not be requested again; however, the qualification ceases when 1-21 ownership of the property incumbered or the possessory interest is 1-22 transferred or terminated. 1-23 SECTION 2. This act takes effect January 1, 1996. 2-1 SECTION 3. The importance of this legislation and the 2-2 crowded condition of the calendar in both houses create an 2-3 emergency and an imperative public necessity that the 2-4 constitutional rule requiring bills to be read on three several 2-5 days in each house be suspended, and this rule is hereby suspended.