Bill Text: TX SB1903 | 2019-2020 | 86th Legislature | Introduced
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
| By: Fallon | S.B. No. 1903 | |
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| 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, [ |
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| 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. | ||
