By King                                          H.B. No. 846

      75R4607 SMH-D                           

                                A BILL TO BE ENTITLED

 1-1                                   AN ACT

 1-2     relating to the exemption from ad valorem taxation of public

 1-3     property.

 1-4           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:

 1-5           SECTION 1.  Section 11.11, Tax Code, is amended by adding

 1-6     Subsection (h) to read as follows:

 1-7           (h)  For purposes of this section, property is owned by this

 1-8     state or a political subdivision of this state if it is subject to

 1-9     a lease-purchase agreement providing that legal title to the

1-10     property passes to this state or the political subdivision, as

1-11     applicable, at the end of the lease term.

1-12           SECTION 2.  This Act takes effect January 1, 1998.

1-13           SECTION 3.  The importance of this legislation and the

1-14     crowded condition of the calendars in both houses create an

1-15     emergency and an imperative public necessity that the

1-16     constitutional rule requiring bills to be read on three several

1-17     days in each house be suspended, and this rule is hereby suspended.