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