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A BILL TO BE ENTITLED
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AN ACT
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relating to the exemption of certain inventory from ad valorem |
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taxation by a school district. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter B, Chapter 11, Tax Code, is amended |
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by adding Section 11.35 to read as follows: |
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Sec. 11.35. INVENTORY. (a) In this section, "inventory" |
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means: |
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(1) a finished good held for sale or resale; or |
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(2) a raw or finished material held to be incorporated |
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into or attached to tangible personal property to create a finished |
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good. |
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(b) A person is entitled to an exemption from taxation by a |
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school district of the appraised value of the person's inventory. |
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SECTION 2. This Act applies only to an ad valorem tax year |
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that begins on or after the effective date of this Act. |
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SECTION 3. This Act takes effect January 1, 2016, but only |
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if the constitutional amendment proposed by the 84th Legislature, |
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Regular Session, 2015, authorizing the legislature to exempt from |
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ad valorem taxation by one or more political subdivisions of this |
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state a person's inventory is approved by the voters. If that |
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amendment is not approved by the voters, this Act has no effect. |