Bill Text: TX SB762 | 2015-2016 | 84th Legislature | Comm Sub


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 7-1)

Status: (Engrossed - Dead) 2015-05-21 - Committee report sent to Calendars [SB762 Detail]

Download: Texas-2015-SB762-Comm_Sub.html
 
 
  By: Bettencourt, et al. S.B. No. 762
 
  (Elkins, et al.)
 
   
 
 
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 an ad valorem tax year that begins on or after the effective
  date of this Act.
         SECTION 4.  This Act takes effect January 1, 2016.
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