Bill Text: TX HB3083 | 2023-2024 | 88th Legislature | Introduced
Bill Title: 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.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2023-03-14 - Referred to Ways & Means [HB3083 Detail]
Download: Texas-2023-HB3083-Introduced.html
88R7446 TJB-F | ||
By: Harrison | H.B. No. 3083 |
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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 | ||
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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 [ |
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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. |