By: Bettencourt, et al. S.B. No. 1006
(In the Senate - Filed February 22, 2019; March 1, 2019,
read first time and referred to Committee on Property Tax;
March 14, 2019, reported favorably by the following vote: Yeas 5,
Nays 0; March 14, 2019, sent to printer.)
Click here to see the committee vote
A BILL TO BE ENTITLED
AN ACT
relating to the exemption from ad valorem taxation of
income-producing tangible personal property having a value of less
than a certain amount.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. The heading to Section 11.145, Tax Code, is
amended to read as follows:
Sec. 11.145. INCOME-PRODUCING TANGIBLE PERSONAL PROPERTY
HAVING VALUE OF LESS THAN $2,500 [$500].
SECTION 2. Section 11.145(a), Tax Code, is amended to read
as follows:
(a) A person is entitled to an exemption from taxation of
the tangible personal property the person owns that is held or used
for the production of income if that property has a taxable value of
less than $2,500 [$500].
SECTION 3. This Act applies only to ad valorem taxes imposed
for a tax year that begins on or after the effective date of this
Act.
SECTION 4. This Act takes effect January 1, 2020.
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