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