88R7446 TJB-F
By: Harrison H.B. No. 3083
A BILL TO BE ENTITLED
AN ACT
relating to an exemption from ad valorem taxation of a portion of
the appraised value of tangible personal property a person owns
that is held or used for the production of income.
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].
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
$2,500 of the appraised value of 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].
SECTION 3. Section 22.01, Tax Code, is amended by adding
Subsection (j-1) to read as follows:
(j-1) A person is required to render tangible personal
property the person owns that is held or used for the production of
income only if, in the person's opinion, the aggregate market value
of the property in at least one taxing unit that participates in the
appraisal district is greater than the amount exempted under
Section 11.145(a). A person required to render property for
taxation under this subsection must render all tangible personal
property the person owns that is held or used for the production of
income and has taxable situs in the appraisal district. This
subsection does not apply to property exempt from taxation under a
provision of law other than Section 11.145.
SECTION 4. 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 5. This Act takes effect January 1, 2024, but only
if the constitutional amendment proposed by the 88th Legislature,
Regular Session, 2023, to authorize the legislature to exempt from
ad valorem taxation a portion of the market value of tangible
personal property a person owns that is held or used for the
production of income is approved by the voters. If that amendment
is not approved by the voters, this Act has no effect.