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A BILL TO BE ENTITLED
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AN ACT
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relating to the definition of intangible personal property for ad |
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valorem tax purposes. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 1.04(6), Tax Code, is amended to read as |
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follows: |
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(6) "Intangible personal property" means a claim, |
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interest (other than an interest in tangible property), right, or |
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other thing that has value but cannot be seen, felt, weighed, |
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measured, or otherwise perceived by the senses, although its |
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existence may be evidenced by a document. The term [It] includes: |
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(A) a stock, bond, note or account receivable, |
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franchise, license or permit, demand or time deposit, certificate |
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of deposit, share account, share certificate account, share deposit |
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account, insurance policy, annuity, pension, cause of action, |
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contract, and goodwill; |
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(B) the value of: |
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(i) a brand name; |
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(ii) a business service; or |
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(iii) a business; and |
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(C) income derived from the operation of a |
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business other than income from use of the property. |
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SECTION 2. This Act takes effect September 1, 2017. |