| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to an exemption from ad valorem taxation of a portion of |
|
|
the appraised value of tangible personal property a person owns |
|
|
that is held or used for the production of income. |
|
|
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 $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 |
|
|
$100,000 of the appraised value of 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 $2,500] they |
|
|
annually submit a rendition statement under Section 22.01, Tax |
|
|
Code. |
|
|
SECTION 3. Section 22.01(j), Tax Code, is amended to read as |
|
|
follows: |
|
|
(j) Subsection (a) does not apply to property that is exempt |
|
|
from taxation, other than property that is exempt under Section |
|
|
11.145. |
|
|
SECTION 4. The changes in law made by this Act apply only to |
|
|
an ad valorem tax year that begins on or after the effective date of |
|
|
this Act. |
|
|
SECTION 5. This Act takes effect January 1, 2026, but only |
|
|
if the constitutional amendment proposed by the 89th Legislature, |
|
|
Regular Session, 2025, to authorize the legislature to exempt from |
|
|
ad valorem taxation a portion of the market value of tangible |
|
|
personal property a person owns that is held or used for the |
|
|
production of income is approved by the voters. If that amendment |
|
|
is not approved by the voters, this Act has no effect. |