TITLE: Relating to the exemption from ad valorem taxation of income-producing tangible personal property having a value of less than a certain amount.

SUMMARY: Relating to the exemption from ad valorem taxation of income-producing tangible personal property having a value of less than a certain amount.

FULL TEXT:
AN ACT 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 $2,500 [$500].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 $2,500 [$500].SECTION 3. This Act applies only to ad valorem taxes imposed for a tax year that begins on or after the effective date of this Act. SECTION 4. This Act takes effect January 1, 2020.