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A BILL TO BE ENTITLED
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AN ACT
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relating to the payment in installments of ad valorem taxes on |
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certain property owned by a business entity and located in a |
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disaster area. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 31.032, Tax Code, is amended by amending |
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Subsection (a) and adding Subsection (h) to read as follows: |
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(a) This section applies only to: |
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(1) real property that: |
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(A) is: |
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(i) the residence homestead of the owner or |
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consists of property that is used for residential purposes and that |
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has fewer than five living units; or |
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(ii) owned or leased by a business entity |
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that had not more than the amount calculated as provided by |
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Subsection (h) in gross receipts in the entity's most recent |
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federal tax year or state franchise tax annual period, according to |
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the applicable federal income tax return or state franchise tax |
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report of the entity; |
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(B) is located in a disaster area; and |
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(C) has been damaged as a direct result of the |
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disaster; [and] |
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(2) tangible personal property that is owned or leased |
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by a business entity described by Subdivision (1)(A)(ii); and |
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(3) taxes that are imposed on the property by a taxing |
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unit before the first anniversary of the disaster. |
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(h) For the 2009 tax year, the limit on gross receipts under |
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Subsection (a)(1)(A)(ii) is $5 million. For each subsequent tax |
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year, the comptroller shall adjust the limit to reflect inflation |
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by using the index that the comptroller considers to most |
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accurately report changes in the purchasing power of the dollar for |
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consumers in this state and shall publicize the adjusted limit. |
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Each collector shall use the adjusted limit as calculated by the |
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comptroller under this subsection to determine whether property is |
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owned or leased by a business entity described by Subsection |
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(a)(1)(A)(ii). |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2009. |