Texas 2019 - 86th Regular

Texas House Bill HB2859 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	H.B. No. 2859
	1	+	By: Capriglione (Senate Sponsor - Fallon) H.B. No. 2859
	2	+	(In the Senate - Received from the House May 6, 2019;
	3	+	May 6, 2019, read first time and referred to Committee on Property
	4	+	Tax; May 17, 2019, reported favorably by the following vote:
	5	+	Yeas 5, Nays 0; May 17, 2019, sent to printer.)
	6	+	Click here to see the committee vote
2	7
3	8
	9	+	A BILL TO BE ENTITLED
4	10		AN ACT
5	11		relating to the exemption from ad valorem taxation of precious
6	12		metal held in a precious metal depository located in this state.
7	13		BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
8	14		SECTION 1. Subchapter B, Chapter 11, Tax Code, is amended by
9	15		adding Section 11.141 to read as follows:
10	16		Sec. 11.141. PRECIOUS METAL HELD IN PRECIOUS METAL
11	17		DEPOSITORY. (a) For purposes of this section:
12	18		(1) "Precious metal" has the meaning assigned by
13	19		Section 2116.001, Government Code.
14	20		(2) "Precious metal depository" means a depository
15	21		that:
16	22		(A) is primarily engaged in the business of
17	23		providing precious metal storage to the general public; and
18	24		(B) maintains sufficient insurance to cover
19	25		precious metal deposited in the depository.
20	26		(b) A person is entitled to an exemption from taxation of
21	27		the precious metal that the person owns and that is held in a
22	28		precious metal depository located in this state, regardless of
23	29		whether the precious metal is held or used by the person for the
24	30		production of income.
25	31		(c) Notwithstanding Section 11.14(c), the governing body of
26	32		a taxing unit may not provide for the taxation of precious metal
27	33		exempted from taxation under Subsection (b).
28	34		SECTION 2. Section 11.42(b), Tax Code, is amended to read as
29	35		follows:
30	36		(b) An exemption authorized by Section 11.11 or 11.141 is
31	37		effective immediately on qualification for the exemption.
32	38		SECTION 3. Section 11.43(a), Tax Code, is amended to read as
33	39		follows:
34	40		(a) To receive an exemption, a person claiming the
35	41		exemption, other than an exemption authorized by Section 11.11,
36	42		11.12, 11.14, 11.141, 11.145, 11.146, 11.15, 11.16, 11.161, or
37	43		11.25 [of this code], must apply for the exemption. To apply for an
38	44		exemption, a person must file an exemption application form with
39	45		the chief appraiser for each appraisal district in which the
40	46		property subject to the claimed exemption has situs.
41	47		SECTION 4. Section 11.141, Tax Code, as added by this Act,
42	48		applies only to a tax year beginning on or after January 1, 2020.
43	49		SECTION 5. This Act takes effect January 1, 2020, but only
44	50		if the constitutional amendment proposed by the 86th Legislature,
45	51		Regular Session, 2019, authorizing the legislature to exempt from
46	52		ad valorem taxation precious metal held in a precious metal
47	53		depository located in this state is approved by the voters. If that
48	54		amendment is not approved by the voters, this Act has no effect.
49		-	______________________________ ______________________________
50		-	President of the Senate Speaker of the House
51		-	I certify that H.B. No. 2859 was passed by the House on May 3,
52		-	2019, by the following vote: Yeas 137, Nays 6, 1 present, not
53		-	voting.
54		-	______________________________
55		-	Chief Clerk of the House
56		-	I certify that H.B. No. 2859 was passed by the Senate on May
57		-	20, 2019, by the following vote: Yeas 27, Nays 4.
58		-	______________________________
59		-	Secretary of the Senate
60		-	APPROVED: _____________________
61		-	Date
62		-	_____________________
63		-	Governor
	55	+	* * * * *