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A BILL TO BE ENTITLED
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AN ACT
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relating to the exemption from ad valorem taxation of oil, natural |
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gas, and other petroleum products held temporarily in this state |
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for certain purposes. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Sections 11.253(a)(2), (4), (5), and (6), Tax |
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Code, are amended to read as follows: |
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(2) "Goods-in-transit" means tangible personal |
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property that: |
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(A) is acquired in or imported into this state to |
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be forwarded to another location in this state or outside this |
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state; |
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(B) is stored under a contract of bailment by a |
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public warehouse operator at one or more public warehouse |
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facilities in this state that are not in any way owned or controlled |
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by the owner of the personal property for the account of the person |
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who acquired or imported the property; |
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(C) is transported to another location in this |
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state or outside this state not later than 175 days after the date |
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the person acquired the property in or imported the property into |
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this state; and |
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(D) does not include [oil, natural gas, petroleum
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products,] aircraft, dealer's motor vehicle inventory, dealer's |
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vessel and outboard motor inventory, dealer's heavy equipment |
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inventory, or retail manufactured housing inventory. |
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(4) ["Petroleum product" means a liquid or gaseous
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material that is an immediate derivative of the refining of oil or
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natural gas.
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[(5)] "Bailee" and "warehouse" have the meanings |
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assigned by Section 7.102, Business & Commerce Code. |
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(5) [(6)] "Public warehouse operator" means a person |
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that: |
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(A) is both a bailee and a warehouse; and |
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(B) stores under a contract of bailment, at one |
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or more public warehouse facilities, tangible personal property |
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that is owned by other persons solely for the account of those |
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persons and not for the operator's account. |
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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, but only |
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if the constitutional amendment proposed by the 83rd Legislature, |
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Regular Session, 2013, to provide oil, natural gas, and other |
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petroleum products held temporarily in this state the same ad |
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valorem tax-exempt status as is currently provided to other |
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tangible personal property is approved by the voters. If that |
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amendment is not approved by the voters, this Act has no effect. |