| 1 | 1 | | 81R8321 JE-D |
|---|
| 2 | 2 | | By: Williams S.B. No. 2302 |
|---|
| 3 | 3 | | |
|---|
| 4 | 4 | | |
|---|
| 5 | 5 | | A BILL TO BE ENTITLED |
|---|
| 6 | 6 | | AN ACT |
|---|
| 7 | 7 | | relating to the payment in installments of ad valorem taxes on |
|---|
| 8 | 8 | | certain property owned by a business entity and located in a |
|---|
| 9 | 9 | | disaster area. |
|---|
| 10 | 10 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|---|
| 11 | 11 | | SECTION 1. Section 31.032(a), Tax Code, is amended to read |
|---|
| 12 | 12 | | as follows: |
|---|
| 13 | 13 | | (a) This section applies only to: |
|---|
| 14 | 14 | | (1) real property that: |
|---|
| 15 | 15 | | (A) is: |
|---|
| 16 | 16 | | (i) the residence homestead of the owner or |
|---|
| 17 | 17 | | consists of property that is used for residential purposes and that |
|---|
| 18 | 18 | | has fewer than five living units; or |
|---|
| 19 | 19 | | (ii) owned or leased by a business entity |
|---|
| 20 | 20 | | that had $5 million or less in gross receipts in the entity's most |
|---|
| 21 | 21 | | recent federal tax year or state franchise tax annual period, |
|---|
| 22 | 22 | | according to the applicable federal income tax return or state |
|---|
| 23 | 23 | | franchise tax report of the entity; |
|---|
| 24 | 24 | | (B) is located in a disaster area; and |
|---|
| 25 | 25 | | (C) has been damaged as a direct result of the |
|---|
| 26 | 26 | | disaster; [and] |
|---|
| 27 | 27 | | (2) tangible personal property that is owned or leased |
|---|
| 28 | 28 | | by a business entity described by Subsection (a)(1)(A)(ii); and |
|---|
| 29 | 29 | | (3) taxes that are imposed on the property by a taxing |
|---|
| 30 | 30 | | unit before the first anniversary of the disaster. |
|---|
| 31 | 31 | | SECTION 2. This Act takes effect immediately if it receives |
|---|
| 32 | 32 | | a vote of two-thirds of all the members elected to each house, as |
|---|
| 33 | 33 | | provided by Section 39, Article III, Texas Constitution. If this |
|---|
| 34 | 34 | | Act does not receive the vote necessary for immediate effect, this |
|---|
| 35 | 35 | | Act takes effect September 1, 2009. |
|---|