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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 |
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income-producing tangible personal property having a value of less |
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than a certain amount. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. The heading to Section 11.145, Tax Code, is |
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amended to read as follows: |
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Sec. 11.145. INCOME-PRODUCING TANGIBLE PERSONAL PROPERTY |
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HAVING VALUE OF LESS THAN $100,000 [$2,500]. |
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SECTION 2. Section 11.145(a), Tax Code, is amended to read |
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as follows: |
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(a) A person is entitled to an exemption from taxation of |
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the tangible personal property the person owns that is held or used |
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for the production of income if that property has a taxable value of |
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less than $100,000 [$2,500]. |
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SECTION 3. The change in law made by this Act applies only |
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to a tax year beginning on or after January 1, 2024. |
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SECTION 4. This Act takes effect January 1, 2024, but only |
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if the constitutional amendment proposed by the 88th Legislature, |
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Regular Session, 2023, authorizing the legislature to exempt from |
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ad valorem taxation income-producing tangible personal property |
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having a value of less than a certain amount is approved by the |
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voters. If that amendment is not approved by the voters, this Act |
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has no effect. |