88R4102 MLH-D
 
  By: Cook H.B. No. 3969
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the exemption from ad valorem taxation of
  income-producing tangible personal property having a value of less
  than a certain amount.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  The heading to Section 11.145, Tax Code, is
  amended to read as follows:
         Sec. 11.145.  INCOME-PRODUCING TANGIBLE PERSONAL PROPERTY
  HAVING VALUE OF LESS THAN $40,000 [$2,500].
         SECTION 2.  Section 11.145(a), Tax Code, is amended to read
  as follows:
         (a)  A person is entitled to an exemption from taxation of
  the tangible personal property the person owns that is held or used
  for the production of income if that property has a taxable value of
  less than $40,000 [$2,500].
         SECTION 3.  The change in law made by this Act applies only
  to a tax year beginning on or after January 1, 2024.
         SECTION 4.  This Act takes effect January 1, 2024.