Plain English summary not yet available
The full original text is available below. Check back soon as we process this bill.
  89R14135 JBD-D     By: Vo H.B. No. 4389       A BILL TO BE ENTITLED   AN ACT   relating to the adjustment of the amount of the exemption from ad   valorem taxation of income-producing tangible personal property   having a value of less than a certain amount to reflect inflation.          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.   CERTAIN INCOME-PRODUCING TANGIBLE PERSONAL   PROPERTY [ HAVING VALUE OF LESS THAN $2,500 ].          SECTION 2.  Section 11.145, Tax Code, is amended by amending   Subsection (a) and adding Subsection (c) 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   that does not exceed the amount calculated for the applicable tax   year under Subsection (c) [ of less than $2,500 ].           (c)     For the 2026 tax year, the exemption provided by   Subsection (a) applies to tangible personal property described by   that subsection that has a taxable value that does not exceed   $2,500. For each subsequent tax year, the comptroller shall adjust   the taxable value used to determine whether the exemption provided   by Subsection (a) applies to reflect inflation by using the index   that the comptroller considers to most accurately report changes in   the purchasing power of the dollar for consumers in this state. As   soon as practicable after making the adjustment required by this   subsection, the comptroller shall publish in the Texas Register and   post on the comptroller's Internet website the adjusted taxable   value to be used for purposes of this section.          SECTION 3.  The change in law made by this Act applies only   to an ad valorem tax year that begins on or after January 1, 2026.          SECTION 4.  This Act takes effect January 1, 2026.