88R4102 MLH-D
By: Cook H.B. No. 3969
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 $40,000 [$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 $40,000 [$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.