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A BILL TO BE ENTITLED
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AN ACT
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relating to the definitions of certain terms for purposes of the ad |
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valorem taxation of certain dealer's heavy equipment inventory. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Sections 23.1241(a)(1) and (2), Tax Code, are |
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amended to read as follows: |
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(1) "Dealer" means a person engaged in the business in |
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this state of selling, leasing, or renting heavy equipment. The |
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term does not include a bank, savings bank, savings and loan |
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association, credit union, or other finance company. In addition, |
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for purposes of taxation of a person's inventory of heavy equipment |
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in a tax year, the term does not include a person who renders the |
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person's inventory of heavy equipment for taxation in that tax year |
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by filing a rendition statement or property report in accordance |
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with Chapter 22. |
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(2) "Dealer's heavy equipment inventory" means all |
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items of heavy equipment that a dealer holds for sale, lease, or |
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rent in this state during a 12-month period. |
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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, 2014. |