Bill Text: TX SB1449 | 2021-2022 | 87th Legislature | Comm Sub

Texas Senate Bill 1449 (Prior Session Legislation)

NOTE: There are more recent revisions of this legislation. Read Latest Draft

Bill Title: Relating to the exemption from ad valorem taxation of income-producing tangible personal property having a value of less than a certain amount.

Spectrum: Moderate Partisan Bill (Republican 8-2)

Status: (Passed) 2021-06-07 - Effective on 1/1/22 [SB1449 Detail]

Download: Texas-2021-SB1449-Comm_Sub.html



	By: Bettencourt, et al.	S.B. No. 1449
	(In the Senate - Filed March 10, 2021; March 24, 2021, read
	first time and referred to Committee on Finance; April 19, 2021,
	reported favorably by the following vote: Yeas 14, Nays 0;
	April 19, 2021, sent to printer.)
Click here to see the committee vote


	A BILL TO BE ENTITLED
	AN ACT

	relating to the exemption from ad valorem taxation of
	income-producing tangible personal property having a value of less
	than a certain amount.
	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
	HAVING VALUE OF LESS THAN $2,500 [~~$500~~].
	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
	the tangible personal property the person owns that is held or used
	for the production of income if that property has a taxable value of
	less than $2,500 [~~$500~~].
	SECTION 3. 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 4. This Act takes effect January 1, 2022.

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