TX
Texas House Bill HB3064

Texas 2025 - 89th Regular

Texas House Bill HB3064

Voted on by House
 
Out of Senate Committee
 
Voted on by Senate
 
Governor Action
 
Bill Becomes Law
 

Caption

Relating to the exemption of tangible personal property from ad valorem taxation; making conforming changes.

Impact

If enacted, HB3064 will significantly reshape the landscape of property taxation in Texas. It aims to facilitate tax relief for businesses and individuals possessing tangible personal property by eliminating their ad valorem tax obligations. This legislative change could encourage investment in personal property and stimulate economic activity as businesses might have more disposable income to reinvest or allocate to other expenditures due to the reduction in annual tax liabilities.

Summary

House Bill 3064 is a legislative proposal aimed at amending existing provisions in the Texas Tax Code relating to the taxation of tangible personal property. Specifically, the bill proposes an exemption from ad valorem taxation for tangible personal property starting from January 1, 2026. This exemption will mean that on and after this date, any provisions of the law that would result in the taxation of such property will have no effect, thereby relieving property owners from this tax burden.

Contention

However, there could be notable points of contention surrounding this bill. Critics may argue that the substantial loss of tax revenue from personal property could impact local governments, which rely on these funds for essential services such as education, public safety, and infrastructure maintenance. Advocates of the bill, on the other hand, argue that the removal of this tax is essential for fostering economic growth and competitiveness among Texas businesses. There may also be discussions regarding the potential need to adjust funding strategies for local governments to mitigate the effects of the proposed changes.

Texas Constitutional Statutes Affected

Education Code

  • Chapter 49. Options For Local Revenue Levels In Excess Of Entitlement
    • Section: New Section

Finance Code

  • Chapter 89. Miscellaneous Provisions Applicable To Savings And Loan Associations
    • Section: New Section

Local Government Code

  • Chapter 379. North American Free Trade Agreement Impact Zone
    • Section: New Section
  • Chapter 507. Spaceport Development Corporations
    • Section: New Section

Special District Local Laws Code

  • Chapter 3501. Lubbock Reese Redevelopment Authority
    • Section: 004

Tax Code

  • Chapter 11. Taxable Property And Exemptions
    • Section: New Section

Latest HB3064 Activity

Companion Bills

TX SB459

Identical Relating to the exemption of tangible personal property from ad valorem taxation; making conforming changes.

TX HJR145

Enabling for Proposing a constitutional amendment exempting tangible personal property from ad valorem taxation.

Previously Filed As

TX HB2987

Relating to the exemption of tangible personal property from ad valorem taxation; making conforming changes.

TX SB1789

Relating to the exemption of tangible personal property from ad valorem taxation; making conforming changes.

TX HJR129

Proposing a constitutional amendment exempting tangible personal property from ad valorem taxation.

TX SJR78

Proposing a constitutional amendment exempting tangible personal property from ad valorem taxation.

TX SB871

Relating to the exemption of inventory from ad valorem taxation.

TX SB1774

Relating to the exemption from ad valorem taxation of real property owned by certain charitable organizations.

TX HB1934

Relating to the exemption from ad valorem taxation of income-producing tangible personal property having a value of less than a certain amount.

TX HB3969

Relating to the exemption from ad valorem taxation of income-producing tangible personal property having a value of less than a certain amount.

TX SB5

Relating to an exemption from ad valorem taxation of a portion of the appraised value of tangible personal property that is held or used for the production of income and a franchise tax credit for the payment of certain related ad valorem taxes.

TX HB623

Relating to an exemption from ad valorem taxation of tangible personal property consisting of animal feed held by the owner of the property for sale at retail.

Similar Bills

TX HB4360

Relating to the exemption of tangible personal property from ad valorem taxation; making conforming changes.

TX SB459

Relating to the exemption of tangible personal property from ad valorem taxation; making conforming changes.

TX HB2987

Relating to the exemption of tangible personal property from ad valorem taxation; making conforming changes.

TX SB1789

Relating to the exemption of tangible personal property from ad valorem taxation; making conforming changes.

TX HB2915

Relating to state and local taxes and fees.

TX SB1215

Relating to a study of the feasibility and benefits to this state of abolishing the property tax assistance division of the office of the comptroller of public accounts and transferring its powers and duties to an independent agency.

TX HB3125

Relating to abolishing the property tax assistance division of the office of the comptroller of public accounts and transferring its powers and duties to the newly created State Property Tax Board.

TX HB3098

Relating to ad valorem taxation.