| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 86R3161 JES-F | |
| 2 | 2 | By: Hancock S.B. No. 474 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to the eligibility of land secured by a home equity loan to | |
| 8 | 8 | be designated for agricultural use for ad valorem tax purposes. | |
| 9 | 9 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 10 | 10 | SECTION 1. Section 23.42(a), Tax Code, is amended to read as | |
| 11 | 11 | follows: | |
| 12 | 12 | (a) An [Except as provided by Subsection (a-1), an] | |
| 13 | 13 | individual is entitled to have land he owns designated for | |
| 14 | 14 | agricultural use if, on January 1: | |
| 15 | 15 | (1) the land has been devoted exclusively to or | |
| 16 | 16 | developed continuously for agriculture for the three years | |
| 17 | 17 | preceding the current year; | |
| 18 | 18 | (2) the individual is using and intends to use the land | |
| 19 | 19 | for agriculture as an occupation or a business venture for profit | |
| 20 | 20 | during the current year; and | |
| 21 | 21 | (3) agriculture is the individual's primary occupation | |
| 22 | 22 | and primary source of income. | |
| 23 | 23 | SECTION 2. Section 23.42(a-1), Tax Code, is repealed. | |
| 24 | 24 | SECTION 3. This Act takes effect January 1, 2020. |