Bill Text: TX HB2859 | 2019-2020 | 86th Legislature | Enrolled
Bill Title: Relating to the exemption from ad valorem taxation of precious metal held in a precious metal depository located in this state.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2019-06-05 - See remarks for effective date [HB2859 Detail]
Download: Texas-2019-HB2859-Enrolled.html
H.B. No. 2859 |
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relating to the exemption from ad valorem taxation of precious | ||
metal held in a precious metal depository located in this state. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subchapter B, Chapter 11, Tax Code, is amended by | ||
adding Section 11.141 to read as follows: | ||
Sec. 11.141. PRECIOUS METAL HELD IN PRECIOUS METAL | ||
DEPOSITORY. (a) For purposes of this section: | ||
(1) "Precious metal" has the meaning assigned by | ||
Section 2116.001, Government Code. | ||
(2) "Precious metal depository" means a depository | ||
that: | ||
(A) is primarily engaged in the business of | ||
providing precious metal storage to the general public; and | ||
(B) maintains sufficient insurance to cover | ||
precious metal deposited in the depository. | ||
(b) A person is entitled to an exemption from taxation of | ||
the precious metal that the person owns and that is held in a | ||
precious metal depository located in this state, regardless of | ||
whether the precious metal is held or used by the person for the | ||
production of income. | ||
(c) Notwithstanding Section 11.14(c), the governing body of | ||
a taxing unit may not provide for the taxation of precious metal | ||
exempted from taxation under Subsection (b). | ||
SECTION 2. Section 11.42(b), Tax Code, is amended to read as | ||
follows: | ||
(b) An exemption authorized by Section 11.11 or 11.141 is | ||
effective immediately on qualification for the exemption. | ||
SECTION 3. Section 11.43(a), Tax Code, is amended 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, 11.141, 11.145, 11.146, 11.15, 11.16, 11.161, or | ||
11.25 [ |
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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 4. Section 11.141, Tax Code, as added by this Act, | ||
applies only to a tax year beginning on or after January 1, 2020. | ||
SECTION 5. This Act takes effect January 1, 2020, but only | ||
if the constitutional amendment proposed by the 86th Legislature, | ||
Regular Session, 2019, authorizing the legislature to exempt from | ||
ad valorem taxation precious metal held in a precious metal | ||
depository located in this state is approved by the voters. If that | ||
amendment is not approved by the voters, this Act has no effect. | ||
______________________________ | ______________________________ | |
President of the Senate | Speaker of the House | |
I certify that H.B. No. 2859 was passed by the House on May 3, | ||
2019, by the following vote: Yeas 137, Nays 6, 1 present, not | ||
voting. | ||
______________________________ | ||
Chief Clerk of the House | ||
I certify that H.B. No. 2859 was passed by the Senate on May | ||
20, 2019, by the following vote: Yeas 27, Nays 4. | ||
______________________________ | ||
Secretary of the Senate | ||
APPROVED: _____________________ | ||
Date | ||
_____________________ | ||
Governor |