Bill Text: TX HB350 | 2017 | 85th Legislature 1st Special Session | Introduced
Bill Title: Relating to an exemption from ad valorem taxation of income-producing tangible personal property owned by certain small businesses.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2017-07-31 - Referred to Ways & Means [HB350 Detail]
Download: Texas-2017-HB350-Introduced.html
| 85S10847 SMT-D | ||
| By: Burkett | H.B. No. 350 | |
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| relating to an exemption from ad valorem taxation of | ||
| income-producing tangible personal property owned by certain small | ||
| businesses. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter B, Chapter 11, Tax Code, is amended by | ||
| adding Section 11.143 to read as follows: | ||
| Sec. 11.143. INCOME-PRODUCING TANGIBLE PERSONAL PROPERTY | ||
| OWNED BY SMALL BUSINESS. A business that employs 500 or fewer | ||
| employees is entitled to an exemption from taxation of the tangible | ||
| personal property that is owned by the business and that is held or | ||
| used by the business for the production of income. | ||
| SECTION 2. Section 11.42(b), Tax Code, is amended to read as | ||
| follows: | ||
| (b) An exemption authorized by Section 11.11 or 11.143 is | ||
| effective immediately on qualification for the exemption. | ||
| SECTION 3. Section 11.43(a), Tax Code, is amended to read as | ||
| follows: | ||
| (a) To receive an exemption, a person claiming the | ||
| exemption, other than an exemption authorized by Section 11.11, | ||
| 11.12, 11.14, 11.143, 11.145, 11.146, 11.15, 11.16, 11.161, or | ||
| 11.25 [ |
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| exemption, a person must file an exemption application form with | ||
| the chief appraiser for each appraisal district in which the | ||
| property subject to the claimed exemption has situs. | ||
| SECTION 4. Section 11.143, Tax Code, as added by this Act, | ||
| applies only to a tax year beginning on or after January 1, 2018. | ||
| SECTION 5. This Act takes effect January 1, 2018, but only | ||
| if the constitutional amendment proposed by the 85th Legislature, | ||
| 1st Called Session, 2017, authorizing the legislature to exempt | ||
| from ad valorem taxation income-producing tangible personal | ||
| property owned by certain small businesses is approved by the | ||
| voters. If that amendment is not approved by the voters, this Act | ||
| has no effect. | ||
