Bill Text: TX SB730 | 2017-2018 | 85th Legislature | Engrossed

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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.

Sponsorship: Bipartisan Bill

Status: (Engrossed - Dead) 2017-05-05 - Referred to Ways & Means [SB730 Detail]

Download: Texas-2017-SB730-Engrossed.html

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By: Bettencourt, Lucio S.B. No. 730

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, 2018.