| 1 | 1 | | 88R7446 TJB-F |
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| 2 | 2 | | By: Harrison H.B. No. 3083 |
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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 an exemption from ad valorem taxation of a portion of |
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| 8 | 8 | | the appraised value of tangible personal property a person owns |
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| 9 | 9 | | that is held or used for the production of income. |
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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 $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 | | $2,500 of the appraised value of tangible personal property the |
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| 19 | 19 | | person owns that is held or used for the production of income [if |
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| 20 | 20 | | that property has a taxable value of less than $2,500]. |
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| 21 | 21 | | SECTION 3. Section 22.01, Tax Code, is amended by adding |
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| 22 | 22 | | Subsection (j-1) to read as follows: |
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| 23 | 23 | | (j-1) A person is required to render tangible personal |
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| 24 | 24 | | property the person owns that is held or used for the production of |
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| 25 | 25 | | income only if, in the person's opinion, the aggregate market value |
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| 26 | 26 | | of the property in at least one taxing unit that participates in the |
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| 27 | 27 | | appraisal district is greater than the amount exempted under |
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| 28 | 28 | | Section 11.145(a). A person required to render property for |
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| 29 | 29 | | taxation under this subsection must render all tangible personal |
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| 30 | 30 | | property the person owns that is held or used for the production of |
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| 31 | 31 | | income and has taxable situs in the appraisal district. This |
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| 32 | 32 | | subsection does not apply to property exempt from taxation under a |
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| 33 | 33 | | provision of law other than Section 11.145. |
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| 34 | 34 | | SECTION 4. This Act applies only to ad valorem taxes imposed |
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| 35 | 35 | | for a tax year that begins on or after the effective date of this |
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| 36 | 36 | | Act. |
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| 37 | 37 | | SECTION 5. This Act takes effect January 1, 2024, but only |
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| 38 | 38 | | if the constitutional amendment proposed by the 88th Legislature, |
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| 39 | 39 | | Regular Session, 2023, to authorize the legislature to exempt from |
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| 40 | 40 | | ad valorem taxation a portion of the market value of tangible |
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| 41 | 41 | | personal property a person owns that is held or used for the |
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| 42 | 42 | | production of income is approved by the voters. If that amendment |
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| 43 | 43 | | is not approved by the voters, this Act has no effect. |
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