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