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A BILL TO BE ENTITLED
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AN ACT
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relating to the abolition of the Texas Bullion Depository. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 11.141(a)(1), Tax Code, is amended to |
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read as follows: |
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(1) "Precious metal" means a metal, including gold, |
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silver, platinum, palladium, and rhodium, that: |
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(A) bears a high value-to-weight ratio relative |
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to common industrial metals; and |
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(B) customarily is formed into bullion or specie |
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[has the meaning assigned by Section 2116.001, Government Code]. |
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SECTION 2. The following provisions of the Government Code |
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are repealed: |
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(1) Section 1232.1026, as added by S.B. No. 2230, Acts |
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of the 87th Legislature, Regular Session, 2021; and |
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(2) Chapter 2116. |
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SECTION 3. On January 1, 2022: |
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(1) the Texas Bullion Depository is abolished; |
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(2) all obligations, rights, contracts, records, real |
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and personal property, funds, appropriations, and money of the |
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Texas Bullion Depository are transferred to the comptroller of |
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public accounts; |
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(3) the administrator of the Texas Bullion Depository |
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becomes an employee of the comptroller of public accounts; |
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(4) an employee of the Texas Bullion Depository |
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becomes an employee of the comptroller of public accounts; and |
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(5) a reference in other law to the Texas Bullion |
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Depository means the comptroller of public accounts. |
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SECTION 4. This Act takes effect on the 91st day after the |
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last day of the legislative session. |