Bill Text: TX SB763 | 2015-2016 | 84th Legislature | Introduced
Bill Title: Relating to the exemption from ad valorem taxation of certain income-producing tangible personal property.
Spectrum: Partisan Bill (Republican 5-0)
Status: (Introduced - Dead) 2015-03-04 - Left pending in committee [SB763 Detail]
Download: Texas-2015-SB763-Introduced.html
2015S0286-1 02/20/15 | ||
By: Bettencourt, et al. | S.B. No. 763 |
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relating to the exemption from ad valorem taxation of certain | ||
income-producing tangible personal property. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 22.01, Tax Code, is amended by amending | ||
Subsection (f) and adding Subsection (f-1) to read as follows: | ||
(f) Notwithstanding Subsections (a) and (b), a rendition | ||
statement of a person who owns tangible personal property used for | ||
the production of income located in the appraisal district that, in | ||
the owner's opinion, has an aggregate value of less than $50,000 | ||
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(1) the name and address of the property owner; | ||
(2) a general description of the property by type or | ||
category; and | ||
(3) the physical location or taxable situs of the | ||
property. | ||
(f-1) A person who owns tangible personal property used for | ||
the production of income located in the appraisal district that, in | ||
the owner's opinion, has an aggregate value of at least $50,000 must | ||
render the property under Subsection (a), but any amount less than | ||
$50,000 of that value is exempt from taxation under this title. The | ||
exemption may not be transferred to another person. | ||
SECTION 2. Section 22.07, Tax Code, is amended by amending | ||
Subsections (c) and (f) and adding Subsection (g) to read as | ||
follows: | ||
(c) The chief appraiser may request, either in writing or by | ||
electronic means, that the property owner provide a statement | ||
containing supporting information indicating how the value | ||
rendered under Section 22.01(a)(5) or claimed to be exempt under | ||
Section 22.01(f) was determined. The statement must: | ||
(1) summarize information sufficient to identify the | ||
property, including: | ||
(A) the physical and economic characteristics | ||
relevant to the opinion of value, if appropriate; and | ||
(B) the source of the information used; | ||
(2) state the effective date of the opinion of value; | ||
and | ||
(3) explain the basis of the value rendered or claimed | ||
exempt. If the property owner is a business with 50 employees or | ||
less, the property owner may base the estimate of value on the | ||
depreciation schedules used for federal income tax purposes. | ||
(f) Except as provided by Subsection (g), failure [ |
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to comply with this section in a timely manner is considered to be a | ||
failure to timely render under Section 22.01 and penalties as | ||
described in Section 22.28 shall be applied by the chief appraiser. | ||
(g) Failure to provide in a timely manner a statement | ||
requested under Subsection (c) indicating how the value claimed to | ||
be exempt under Section 22.01(f) was determined is a violation of | ||
Section 22.01 and the chief appraiser shall apply a penalty in an | ||
amount equal to 10 percent of the total amount of taxes that would | ||
have been imposed on the property for that year by taxing units | ||
participating in the appraisal district but for the exemption under | ||
Section 22.01(f). | ||
SECTION 3. This Act applies beginning with the tax year that | ||
begins January 1, 2016. | ||
SECTION 4. This Act takes effect on the date on which the | ||
constitutional amendment proposed by the 84th Legislature, Regular | ||
Session, 2015, authorizing the legislature to exempt from ad | ||
valorem taxation income-producing tangible personal property | ||
valued at less than $50,000 takes effect, if that constitutional | ||
amendment is approved by the voters. If that constitutional | ||
amendment is not approved by the voters, this Act has no effect. |