| 1 | 1 | | 85R12276 LHC-F |
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| 2 | 2 | | By: Gutierrez H.B. No. 3138 |
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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 definition of intangible personal property for ad |
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| 8 | 8 | | valorem tax purposes. |
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| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Section 1.04(6), Tax Code, is amended to read as |
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| 11 | 11 | | follows: |
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| 12 | 12 | | (6) "Intangible personal property" means a claim, |
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| 13 | 13 | | interest (other than an interest in tangible property), right, or |
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| 14 | 14 | | other thing that has value but cannot be seen, felt, weighed, |
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| 15 | 15 | | measured, or otherwise perceived by the senses, although its |
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| 16 | 16 | | existence may be evidenced by a document. The term [It] includes: |
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| 17 | 17 | | (A) a stock, bond, note or account receivable, |
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| 18 | 18 | | franchise, license or permit, demand or time deposit, certificate |
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| 19 | 19 | | of deposit, share account, share certificate account, share deposit |
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| 20 | 20 | | account, insurance policy, annuity, pension, cause of action, |
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| 21 | 21 | | contract, and goodwill; |
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| 22 | 22 | | (B) the value of: |
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| 23 | 23 | | (i) a brand name; |
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| 24 | 24 | | (ii) a business service; or |
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| 25 | 25 | | (iii) a business; and |
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| 26 | 26 | | (C) income derived from the operation of a |
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| 27 | 27 | | business other than income from use of the property. |
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| 28 | 28 | | SECTION 2. This Act takes effect September 1, 2017. |
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