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

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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-Enrolled.html

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S.B. No. 1449

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.
______________________________ ______________________________
President of the Senate Speaker of the House
I hereby certify that S.B. No. 1449 passed the Senate on
April 22, 2021, by the following vote: Yeas 31, Nays 0.
______________________________
Secretary of the Senate
I hereby certify that S.B. No. 1449 passed the House on
May 20, 2021, by the following vote: Yeas 144, Nays 1, one present
not voting.
______________________________
Chief Clerk of the House
Approved:
______________________________
Date
______________________________
Governor