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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 a portion of |
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the appraised value of tangible personal property a person owns |
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that is held or used for the production of income. |
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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 $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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$2,500 of the appraised value of tangible personal property the |
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person owns that is held or used for the production of income [if |
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that property has a taxable value of less than $2,500]. |
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SECTION 3. Section 22.01, Tax Code, is amended by adding |
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Subsection (j-1) to read as follows: |
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(j-1) A person is required to render tangible personal |
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property the person owns that is held or used for the production of |
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income only if, in the person's opinion, the aggregate market value |
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of the property in at least one taxing unit that participates in the |
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appraisal district is greater than the amount exempted under |
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Section 11.145(a). A person required to render property for |
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taxation under this subsection must render all tangible personal |
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property the person owns that is held or used for the production of |
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income and has taxable situs in the appraisal district. This |
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subsection does not apply to property exempt from taxation under a |
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provision of law other than Section 11.145. |
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SECTION 4. This Act applies only to ad valorem taxes imposed |
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for a tax year that begins on or after the effective date of this |
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Act. |
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SECTION 5. 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, to authorize the legislature to exempt from |
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ad valorem taxation a portion of the market value of tangible |
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personal property a person owns that is held or used for the |
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production of income is approved by the voters. If that amendment |
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is not approved by the voters, this Act has no effect. |