| 1 | 1 | | 88R6481 TJB-D |
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| 2 | 2 | | By: Rogers H.B. No. 1934 |
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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 $100,000 [$2,500]. |
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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 $100,000 [$2,500]. |
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| 21 | 21 | | SECTION 3. The change in law made by this Act applies only |
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| 22 | 22 | | to a tax year beginning on or after January 1, 2024. |
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| 23 | 23 | | SECTION 4. This Act takes effect January 1, 2024, but only |
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| 24 | 24 | | if the constitutional amendment proposed by the 88th Legislature, |
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| 25 | 25 | | Regular Session, 2023, authorizing the legislature to exempt from |
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| 26 | 26 | | ad valorem taxation income-producing tangible personal property |
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| 27 | 27 | | having a value of less than a certain amount is approved by the |
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| 28 | 28 | | voters. If that amendment is not approved by the voters, this Act |
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| 29 | 29 | | has no effect. |
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