Bill Text: TX HB3969 | 2023-2024 | 88th Legislature | Introduced
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: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2023-03-20 - Referred to Ways & Means [HB3969 Detail]
Download: Texas-2023-HB3969-Introduced.html
88R4102 MLH-D | ||
By: Cook | H.B. No. 3969 |
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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 $40,000 [ |
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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 $40,000 [ |
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SECTION 3. The change in law made by this Act applies only | ||
to a tax year beginning on or after January 1, 2024. | ||
SECTION 4. This Act takes effect January 1, 2024. |