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A BILL TO BE ENTITLED
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AN ACT
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relating to the appraisal of inventory consisting of residential |
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real property. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 23.12(a), Tax Code, is amended to read as |
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follows: |
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(a) Except as provided by Sections 23.121, 23.1241, 23.124, |
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and 23.127, the market value of an inventory is the price for which |
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it would sell as a unit to a purchaser who would continue the |
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business. [An inventory shall include residential real property
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which has never been occupied as a residence and is held for sale in
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the ordinary course of a trade or business, provided that the
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residential real property remains unoccupied, is not leased or
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rented, and produces no income.] |
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SECTION 2. This Act applies only to ad valorem taxes imposed |
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for a tax year beginning on or after the effective date of this Act. |
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SECTION 3. This Act takes effect January 1, 2010. |