Bill Text: TX SB69 | 2021 | 87th Legislature 2nd Special Session | Introduced
Bill Title: Relating to the abolition of the Texas Bullion Depository.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2021-08-10 - Filed [SB69 Detail]
Download: Texas-2021-SB69-Introduced.html
87S20129 KJE-D | ||
By: Seliger | S.B. No. 69 |
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relating to the abolition of the Texas Bullion Depository. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 11.141(a)(1), Tax Code, is amended to | ||
read as follows: | ||
(1) "Precious metal" means a metal, including gold, | ||
silver, platinum, palladium, and rhodium, that: | ||
(A) bears a high value-to-weight ratio relative | ||
to common industrial metals; and | ||
(B) customarily is formed into bullion or specie | ||
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SECTION 2. The following provisions of the Government Code | ||
are repealed: | ||
(1) Section 1232.1026, as added by S.B. No. 2230, Acts | ||
of the 87th Legislature, Regular Session, 2021; and | ||
(2) Chapter 2116. | ||
SECTION 3. On January 1, 2022: | ||
(1) the Texas Bullion Depository is abolished; | ||
(2) all obligations, rights, contracts, records, real | ||
and personal property, funds, appropriations, and money of the | ||
Texas Bullion Depository are transferred to the comptroller of | ||
public accounts; | ||
(3) the administrator of the Texas Bullion Depository | ||
becomes an employee of the comptroller of public accounts; | ||
(4) an employee of the Texas Bullion Depository | ||
becomes an employee of the comptroller of public accounts; and | ||
(5) a reference in other law to the Texas Bullion | ||
Depository means the comptroller of public accounts. | ||
SECTION 4. This Act takes effect on the 91st day after the | ||
last day of the legislative session. |