Bill Text: TX SB1903 | 2019-2020 | 86th Legislature | Introduced

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Bill Title: Relating to the exemption of precious metals held in a depository in this state from ad valorem taxation.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2019-03-19 - Referred to Property Tax [SB1903 Detail]

Download: Texas-2019-SB1903-Introduced.html

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By: Fallon S.B. No. 1903

A BILL TO BE ENTITLED
AN ACT
relating to the exemption of precious metals held in a depository in
this state from ad valorem taxation.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter B, Chapter 11, Tax Code, is amended by
adding Section 11.35 to read as follows:
Sec. 11.35 PRECIOUS METALS HELD IN DEPOSITORY. (a) Precious
metals are exempt from taxation if they are held in a commercial
depository in this state.
(b) For the purposes of this section, "precious metals" has
the meaning assigned by Section 2116.001, Government Code.
(c) For the purposes of this section, a "commercial
depository" is a depository that:
(1) is primarily engaged in the business of providing
precious metals storage services to the general public; and,
(2) maintains sufficient insurance to cover the
precious metals deposits held within the depository.
(d) The comptroller may adopt rules to implement this
section.
SECTION 2. Section 11.43, Tax Code, is amended by amending
Subsection (a) to read as follows:
(a) To receive an exemption, a person claiming the
exemption, other than an exemption authorized by Section 11.11,
11.12, 11.14, 11.145, 11.146, 11.15, 11.16, 11.161, [or] 11.25, or
11.35 of this code, must apply for the exemption. To apply for an
exemption, a person must file an exemption application form with
the chief appraiser for each appraisal district in which the
property subject to the claimed exemption has situs.
SECTION 3. This Act takes effect on the date on which the
constitutional amendment proposed by the 86th Legislature, Regular
Session, 2019, authorizing the legislature by general law to exempt
from ad valorem taxation precious metals held in a depository in
this state is approved by the voters. If that amendment is not
approved by the voters, this Act has no effect.