LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 89TH LEGISLATIVE REGULAR SESSION March 2, 2025 TO: Honorable Morgan Meyer, Chair, House Committee on Ways & Means FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: HB22 by Noble (Relating to the exemption from ad valorem taxation of intangible personal property.), As Introduced No significant fiscal implication to the State is anticipated. The bill would exempt all intangible personal property from the property tax. Under current law, only certain intangible personal property owned by certain savings and loan corporations and insurance companies are subject to the property tax. According to the Comptroller of Public Accounts, in preliminary tax year 2024 appraisal district data provided to the Comptroller's office there is only one intangible personal property record reported, with a taxable value of $142,450. Any costs associated with implementing the provisions of the bill are not anticipated to be significant. Local Government ImpactNo significant fiscal implication to units of local government is anticipated Source Agencies: b > td > 304 Comptroller of Public Accounts LBB Staff: b > td > JMc, KK, SD, BRI
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 89TH LEGISLATIVE REGULAR SESSION
March 2, 2025
TO: Honorable Morgan Meyer, Chair, House Committee on Ways & Means FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: HB22 by Noble (Relating to the exemption from ad valorem taxation of intangible personal property.), As Introduced
TO: Honorable Morgan Meyer, Chair, House Committee on Ways & Means
FROM: Jerry McGinty, Director, Legislative Budget Board
IN RE: HB22 by Noble (Relating to the exemption from ad valorem taxation of intangible personal property.), As Introduced
Honorable Morgan Meyer, Chair, House Committee on Ways & Means
Honorable Morgan Meyer, Chair, House Committee on Ways & Means
Jerry McGinty, Director, Legislative Budget Board
Jerry McGinty, Director, Legislative Budget Board
HB22 by Noble (Relating to the exemption from ad valorem taxation of intangible personal property.), As Introduced
HB22 by Noble (Relating to the exemption from ad valorem taxation of intangible personal property.), As Introduced
No significant fiscal implication to the State is anticipated.
No significant fiscal implication to the State is anticipated.
The bill would exempt all intangible personal property from the property tax. Under current law, only certain intangible personal property owned by certain savings and loan corporations and insurance companies are subject to the property tax. According to the Comptroller of Public Accounts, in preliminary tax year 2024 appraisal district data provided to the Comptroller's office there is only one intangible personal property record reported, with a taxable value of $142,450. Any costs associated with implementing the provisions of the bill are not anticipated to be significant.
Local Government Impact
No significant fiscal implication to units of local government is anticipated
Source Agencies: b > td > 304 Comptroller of Public Accounts
304 Comptroller of Public Accounts
LBB Staff: b > td > JMc, KK, SD, BRI
JMc, KK, SD, BRI