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A BILL TO BE ENTITLED
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AN ACT
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relating to an exemption from ad valorem taxation of all or a |
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portion of the value of a person's income-producing tangible |
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personal property depending on the value of the property. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 11.145, Tax Code, is amended to read as |
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follows: |
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Sec. 11.145. INCOME-PRODUCING TANGIBLE PERSONAL PROPERTY |
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HAVING VALUE OF LESS THAN $5,000 [$500]. (a) A person is entitled |
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to an exemption from taxation of the tangible personal property the |
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person owns that is held or used for the production of income if the |
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[that] property is listed in a single account maintained by the |
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appraisal district that appraises the property and the total [has |
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a] taxable value of all property listed in the account is less than |
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$5,000 [$500]. |
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(b) The exemption provided by Subsection (a) applies to each |
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separate taxing unit in which a person holds or uses tangible |
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personal property for the production of income[, and, for the |
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purposes of Subsection (a), all property in each taxing unit is |
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aggregated to determine taxable value]. |
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(c) A person may receive more than one exemption under |
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Subsection (a). |
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SECTION 2. Subchapter B, Chapter 11, Tax Code, is amended by |
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adding Section 11.1455 to read as follows: |
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Sec. 11.1455. INCOME-PRODUCING TANGIBLE PERSONAL PROPERTY |
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HAVING VALUE OF $5,000 OR MORE AND LESS THAN $500,000. (a) A person |
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is entitled to an exemption from taxation of a portion of the value |
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of the tangible personal property the person owns that is held or |
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used for the production of income if the property is listed in a |
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single account maintained by the appraisal district that appraises |
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the property and the total taxable value of all property listed in |
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the account is $5,000 or more and less than $500,000. The amount of |
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the exemption is equal to 20 percent of the total taxable value of |
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all property listed in the account. |
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(b) The exemption provided by Subsection (a) applies to each |
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separate taxing unit in which a person holds or uses tangible |
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personal property for the production of income. |
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(c) A person may receive more than one exemption under |
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Subsection (a). |
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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, 11.1455, 11.146, 11.15, 11.16, |
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11.161, or 11.25, 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. 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 5. (a) Except as provided by Subsection (b) of this |
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section, this Act takes effect January 1, 2022. |
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(b) Section 11.1455, Tax Code, as added by this Act, and |
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Section 11.43(a), Tax Code, as amended by this Act, take effect |
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January 1, 2022, but only if the constitutional amendment proposed |
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by the 87th Legislature, Regular Session, 2021, authorizing the |
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legislature to exempt from ad valorem taxation a portion of the |
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value of a person's income-producing tangible personal property if |
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the property has a value within a specified range of values is |
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approved by the voters. If that amendment is not approved by the |
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voters, Section 11.1455, Tax Code, as added by this Act, and Section |
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11.43(a), Tax Code, as amended by this Act, have no effect. |