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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 precious |
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metal held in the Texas Bullion Depository. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter B, Chapter 11, Tax Code, is amended by |
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adding Section 11.141 to read as follows: |
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Sec. 11.141. PRECIOUS METAL HELD IN TEXAS BULLION |
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DEPOSITORY. (a) For purposes of this section, "precious metal" has |
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the meaning assigned by Section 2116.001, Government Code. |
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(b) A person is entitled to an exemption from taxation of |
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the precious metal that the person owns and that is held in the |
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Texas Bullion Depository established under Chapter 2116, |
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Government Code, regardless of whether the precious metal is held |
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or used by the person for the production of income. |
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(c) Notwithstanding Section 11.14(c), the governing body of |
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a taxing unit may not provide for the taxation of precious metal |
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exempted from taxation under Subsection (b). |
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SECTION 2. Section 11.42(b), Tax Code, is amended to read as |
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follows: |
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(b) An exemption authorized by Section 11.11 or 11.141 is |
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effective immediately on qualification for the exemption. |
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SECTION 3. Section 11.43(a), Tax Code, is amended to read as |
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follows: |
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(a) To receive an exemption, a person claiming the |
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exemption, other than an exemption authorized by Section 11.11, |
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11.12, 11.14, 11.141, 11.145, 11.146, 11.15, 11.16, 11.161, or |
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11.25 [of this code], must apply for the exemption. To apply for an |
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exemption, a person must file an exemption application form with |
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the chief appraiser for each appraisal district in which the |
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property subject to the claimed exemption has situs. |
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SECTION 4. Section 11.141, Tax Code, as added by this Act, |
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applies only to a tax year beginning on or after January 1, 2018. |
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SECTION 5. This Act takes effect January 1, 2018, but only |
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if the constitutional amendment proposed by the 85th Legislature, |
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1st Called Session, 2017, authorizing the legislature to exempt |
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from ad valorem taxation precious metal held in the Texas Bullion |
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Depository is approved by the voters. If that amendment is not |
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approved by the voters, this Act has no effect. |