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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 intangible |
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personal property. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 11.02(a), Tax Code, is amended to read as |
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follows: |
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(a) Intangible [Except as provided by Subsection (b) of this |
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section, intangible] personal property is not taxable. |
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SECTION 2. Section 42.05, Tax Code, is amended to read as |
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follows: |
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Sec. 42.05. COMPTROLLER AS PARTY. The comptroller is an |
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opposing party in an appeal by[: |
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[(1) a property owner of an order of the comptroller |
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determining a protest of the appraisal, interstate allocation, or |
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intrastate apportionment of transportation business intangibles; |
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or |
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[(2)] a county or a property owner of an order of the |
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comptroller apportioning among the counties the appraised value of |
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railroad rolling stock. |
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SECTION 3. The following provisions of the Tax Code are |
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repealed: |
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(1) Sections 11.02(b) and (c); |
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(2) Section 21.06; |
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(3) Section 21.07; |
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(4) Section 21.08; |
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(5) Section 23.15; and |
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(6) Section 23.16. |
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SECTION 4. The changes in law made by this Act apply only to |
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an ad valorem tax year that begins on or after the effective date of |
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this Act. |
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SECTION 5. This Act takes effect January 1, 2026. |