| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 81R1469 JE-D | |
| 2 | 2 | By: Wentworth S.B. No. 443 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to the appraisal of inventory consisting of residential | |
| 8 | 8 | real property. | |
| 9 | 9 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 10 | 10 | SECTION 1. Section 23.12(a), Tax Code, is amended to read as | |
| 11 | 11 | follows: | |
| 12 | 12 | (a) Except as provided by Sections 23.121, 23.1241, 23.124, | |
| 13 | 13 | and 23.127, the market value of an inventory is the price for which | |
| 14 | 14 | it would sell as a unit to a purchaser who would continue the | |
| 15 | 15 | business. [An inventory shall include residential real property | |
| 16 | 16 | which has never been occupied as a residence and is held for sale in | |
| 17 | 17 | the ordinary course of a trade or business, provided that the | |
| 18 | 18 | residential real property remains unoccupied, is not leased or | |
| 19 | 19 | rented, and produces no income.] | |
| 20 | 20 | SECTION 2. This Act applies only to ad valorem taxes imposed | |
| 21 | 21 | for a tax year beginning on or after the effective date of this Act. | |
| 22 | 22 | SECTION 3. This Act takes effect January 1, 2010. |