| 1 | 1 | | By: Bettencourt, et al. S.B. No. 762 |
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| 2 | 2 | | (Elkins, et al.) |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to the exemption from ad valorem taxation of |
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| 8 | 8 | | income-producing tangible personal property having a value of less |
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| 9 | 9 | | than a certain amount. |
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| 10 | 10 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 11 | 11 | | SECTION 1. The heading to Section 11.145, Tax Code, is |
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| 12 | 12 | | amended to read as follows: |
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| 13 | 13 | | Sec. 11.145. INCOME-PRODUCING TANGIBLE PERSONAL PROPERTY |
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| 14 | 14 | | HAVING VALUE OF LESS THAN $2,500 [$500]. |
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| 15 | 15 | | SECTION 2. Section 11.145(a), Tax Code, is amended to read |
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| 16 | 16 | | as follows: |
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| 17 | 17 | | (a) A person is entitled to an exemption from taxation of |
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| 18 | 18 | | the tangible personal property the person owns that is held or used |
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| 19 | 19 | | for the production of income if that property has a taxable value of |
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| 20 | 20 | | less than $2,500 [$500]. |
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| 21 | 21 | | SECTION 3. This Act applies only to ad valorem taxes imposed |
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| 22 | 22 | | for an ad valorem tax year that begins on or after the effective |
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| 23 | 23 | | date of this Act. |
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| 24 | 24 | | SECTION 4. This Act takes effect January 1, 2016. |
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