Bill Text: TX HB987 | 2021-2022 | 87th Legislature | Introduced
Bill Title: Relating to an exemption from ad valorem taxation of all or a portion of the value of a person's income-producing tangible personal property depending on the value of the property.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2021-03-01 - Referred to Ways & Means [HB987 Detail]
Download: Texas-2021-HB987-Introduced.html
87R2695 SMT-D | ||
By: Shine | H.B. No. 987 |
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relating to an exemption from ad valorem taxation of all or a | ||
portion of the value of a person's income-producing tangible | ||
personal property depending on the value of the property. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 11.145, Tax Code, is amended to read as | ||
follows: | ||
Sec. 11.145. INCOME-PRODUCING TANGIBLE PERSONAL PROPERTY | ||
HAVING VALUE OF LESS THAN $5,000 [ |
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to an exemption from taxation of the tangible personal property the | ||
person owns that is held or used for the production of income if the | ||
[ |
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appraisal district that appraises the property and the total [ |
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$5,000 [ |
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(b) The exemption provided by Subsection (a) applies to each | ||
separate taxing unit in which a person holds or uses tangible | ||
personal property for the production of income[ |
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(c) A person may receive more than one exemption under | ||
Subsection (a). | ||
SECTION 2. Subchapter B, Chapter 11, Tax Code, is amended by | ||
adding Section 11.1455 to read as follows: | ||
Sec. 11.1455. INCOME-PRODUCING TANGIBLE PERSONAL PROPERTY | ||
HAVING VALUE OF $5,000 OR MORE AND LESS THAN $500,000. (a) A person | ||
is entitled to an exemption from taxation of a portion of the value | ||
of the tangible personal property the person owns that is held or | ||
used for the production of income if the property is listed in a | ||
single account maintained by the appraisal district that appraises | ||
the property and the total taxable value of all property listed in | ||
the account is $5,000 or more and less than $500,000. The amount of | ||
the exemption is equal to 20 percent of the total taxable value of | ||
all property listed in the account. | ||
(b) The exemption provided by Subsection (a) applies to each | ||
separate taxing unit in which a person holds or uses tangible | ||
personal property for the production of income. | ||
(c) A person may receive more than one exemption under | ||
Subsection (a). | ||
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, 11.141, 11.145, 11.1455, 11.146, 11.15, 11.16, | ||
11.161, or 11.25, must apply for the exemption. To apply for an | ||
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. This Act applies only to ad valorem taxes imposed | ||
for a tax year beginning on or after the effective date of this Act. | ||
SECTION 5. (a) Except as provided by Subsection (b) of this | ||
section, this Act takes effect January 1, 2022. | ||
(b) Section 11.1455, Tax Code, as added by this Act, and | ||
Section 11.43(a), Tax Code, as amended by this Act, take effect | ||
January 1, 2022, but only if the constitutional amendment proposed | ||
by the 87th Legislature, Regular Session, 2021, authorizing the | ||
legislature to exempt from ad valorem taxation a portion of the | ||
value of a person's income-producing tangible personal property if | ||
the property has a value within a specified range of values is | ||
approved by the voters. If that amendment is not approved by the | ||
voters, Section 11.1455, Tax Code, as added by this Act, and Section | ||
11.43(a), Tax Code, as amended by this Act, have no effect. |