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A BILL TO BE ENTITLED
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AN ACT
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relating to the computation of the property tax on temporary |
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production aircraft. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter B, Chapter 23, Tax Code, is amended by |
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adding Section 23.1211 to read as follows: |
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Sec. 23.1211. TEMPORARY PRODUCTION AIRCRAFT; VALUE. |
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(a) In this section: |
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(1) "Temporary production aircraft" means an aircraft |
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as defined by 49 C.F.R. Section 1511.3, in the transport category: |
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(A) that is temporarily held in the state; |
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(B) for which a Federal Aviation Administration |
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special airworthiness certificate has been issued; |
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(C) that is operated under a Federal Aviation |
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Administration special flight permit; and |
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(D) that has maximum takeoff weight of at least |
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145,000 pounds. |
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(2) "Maximum takeoff weight" means the maximum takeoff |
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weight listed in the aircraft's Type Certificate Data Sheet (TCDS) |
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for the lowest rated configuration or, if the aircraft does not yet |
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have a TCDS, the maximum takeoff weight target published by the |
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manufacturer. |
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(3) "List price" means the price listed in the most |
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recently published edition of the International Bureau of Aviation |
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Aircraft Values Book. |
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(b) For the purpose of the computation of property tax on |
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temporary production aircraft, the chief appraiser shall determine |
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an aircraft's market value on January 1 to be 10 percent of the |
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published list price of the aircraft. |
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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, 2011. |