| 6 | 4 | | |
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| 7 | 5 | | |
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| 8 | 6 | | A BILL TO BE ENTITLED |
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| 9 | 7 | | AN ACT |
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| 10 | 8 | | relating to the exemption from ad valorem taxation of intangible |
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| 11 | 9 | | personal property. |
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| 12 | 10 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 13 | 11 | | SECTION 1. Section 11.02(a), Tax Code, is amended to read as |
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| 14 | 12 | | follows: |
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| 15 | 13 | | (a) Intangible [Except as provided by Subsection (b) of this |
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| 16 | 14 | | section, intangible] personal property is not taxable. |
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| 17 | 15 | | SECTION 2. Section 42.05, Tax Code, is amended to read as |
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| 18 | 16 | | follows: |
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| 19 | 17 | | Sec. 42.05. COMPTROLLER AS PARTY. The comptroller is an |
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| 20 | 18 | | opposing party in an appeal by[: |
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| 21 | 19 | | [(1) a property owner of an order of the comptroller |
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| 22 | 20 | | determining a protest of the appraisal, interstate allocation, or |
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| 23 | 21 | | intrastate apportionment of transportation business intangibles; |
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| 24 | 22 | | or |
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| 25 | 23 | | [(2)] a county or a property owner of an order of the |
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| 26 | 24 | | comptroller apportioning among the counties the appraised value of |
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| 27 | 25 | | railroad rolling stock. |
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| 28 | 26 | | SECTION 3. The following provisions of the Tax Code are |
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| 29 | 27 | | repealed: |
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| 30 | 28 | | (1) Sections 11.02(b) and (c); |
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| 31 | 29 | | (2) Section 21.06; |
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| 32 | 30 | | (3) Section 21.07; |
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| 33 | 31 | | (4) Section 21.08; |
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| 34 | 32 | | (5) Section 23.15; and |
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| 35 | 33 | | (6) Section 23.16. |
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| 36 | 34 | | SECTION 4. The changes in law made by this Act apply only to |
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| 37 | 35 | | an ad valorem tax year that begins on or after the effective date of |
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| 38 | 36 | | this Act. |
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| 39 | 37 | | SECTION 5. This Act takes effect January 1, 2026. |
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