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A BILL TO BE ENTITLED
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AN ACT
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relating to the calculation of the penalty for filing a late |
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application for certain ad valorem tax exemptions and allocations. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 11.4391(b), Tax Code, is amended to read |
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as follows: |
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(b) If the application is approved, the property owner is |
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liable to each taxing unit allowing the exemption for a penalty in |
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an amount equal to 10 percent of the difference between the amount |
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of tax imposed by the taxing unit on the inventory or property, a |
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portion of which consists of freeport goods, and the amount that |
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would otherwise have been imposed up to a maximum penalty of 10 |
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percent of the tax imposed with the exemption. |
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SECTION 2. Section 21.10(b), Tax Code, is amended to read as |
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follows: |
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(b) If the application is approved, the property owner is |
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liable to each taxing unit for a penalty in an amount equal to 10 |
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percent of the difference between the amount of tax imposed by the |
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taxing unit on the property without the allocation and the amount of |
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tax imposed on the property with the allocation up to a maximum |
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penalty of 10 percent of the tax imposed with the allocation. |
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SECTION 3. Section 11.4391(b), Tax Code, as amended by this |
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Act, applies only to an application for an exemption for freeport |
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goods under Section 11.251, Tax Code, filed on or after the |
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effective date of this Act. |
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SECTION 4. Section 21.10(b), Tax Code, as amended by this |
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Act, applies only to an application for an allocation under Section |
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21.09, Tax Code, filed on or after the effective date of this Act. |
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SECTION 5. This Act takes effect September 1, 2019. |