| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 84R7341 TJB-D | |
| 2 | 2 | By: Bettencourt S.B. No. 1693 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to the exemption of certain inventory from ad valorem | |
| 8 | 8 | taxation by a school district. | |
| 9 | 9 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 10 | 10 | SECTION 1. Subchapter B, Chapter 11, Tax Code, is amended | |
| 11 | 11 | by adding Section 11.35 to read as follows: | |
| 12 | 12 | Sec. 11.35. INVENTORY. (a) In this section, "inventory" | |
| 13 | 13 | means: | |
| 14 | 14 | (1) a finished good held for sale or resale; or | |
| 15 | 15 | (2) a raw or finished material held to be incorporated | |
| 16 | 16 | into or attached to tangible personal property to create a finished | |
| 17 | 17 | good. | |
| 18 | 18 | (b) A person is entitled to an exemption from taxation by a | |
| 19 | 19 | school district of the appraised value of the person's inventory. | |
| 20 | 20 | SECTION 2. This Act applies only to an ad valorem tax year | |
| 21 | 21 | that begins on or after the effective date of this Act. | |
| 22 | 22 | SECTION 3. This Act takes effect January 1, 2016, but only | |
| 23 | 23 | if the constitutional amendment proposed by the 84th Legislature, | |
| 24 | 24 | Regular Session, 2015, authorizing the legislature to exempt from | |
| 25 | 25 | ad valorem taxation by one or more political subdivisions of this | |
| 26 | 26 | state a person's inventory is approved by the voters. If that | |
| 27 | 27 | amendment is not approved by the voters, this Act has no effect. |