| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | By: Elkins H.B. No. 3856 | |
| 2 | 2 | ||
| 3 | 3 | ||
| 4 | 4 | A BILL TO BE ENTITLED | |
| 5 | 5 | AN ACT | |
| 6 | 6 | relating to the exemption from ad valorem taxation of | |
| 7 | 7 | income-producing tangible personal property having a value of less | |
| 8 | 8 | than a certain amount. | |
| 9 | 9 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 10 | 10 | SECTION 1. The heading to Section 11.145, Tax Code, is | |
| 11 | 11 | amended to read as follows: | |
| 12 | 12 | Sec. 11.145. INCOME-PRODUCING TANGIBLE PERSONAL PROPERTY | |
| 13 | 13 | HAVING VALUE OF LESS THAN $2,500 [$500]. | |
| 14 | 14 | SECTION 2. Section 11.145(a), Tax Code, is amended to read | |
| 15 | 15 | as follows: | |
| 16 | 16 | (a) A person is entitled to an exemption from taxation of | |
| 17 | 17 | the tangible personal property the person owns that is held or used | |
| 18 | 18 | for the production of income if that property has a taxable value of | |
| 19 | 19 | less than $2,500 [$500]. | |
| 20 | 20 | SECTION 3. This Act applies only to ad valorem taxes imposed | |
| 21 | 21 | for an ad valorem tax year that begins on or after the effective | |
| 22 | 22 | date of this Act. | |
| 23 | 23 | SECTION 4. This Act takes effect January | |
| 24 | 24 | 1, 2016. |