Bill

HB 2859

86(R) - 2019
House Ways & Means
House Ways & Means
Taxation

Vote Recommendation

No
  • Negative
  • Neutral
  • Neutral
  • Negative
  • Neutral

Author(s)

Giovanni Capriglione

Bill Caption

Relating to the exemption from ad valorem taxation of precious metal held in a precious metal depository located in this state.

Fiscal Notes

According to the Legislative Budget Board, as a result of this bill taxable property values could be reduced and the related costs to the Foundation School Fund could be increased through the operation of the school finance formulas.

Bill Analysis

HB 2859 would exempt precious metals held for income-producing purposes from property taxation if they are stored in a qualifying precious metal depository in this state. This bill is enabling legislation which would go into effect if the voters approve the constitutional amendment proposed by HJR 95. 

Vote Recommendation Notes

Texas Action opposes HB 2859 for violating the principles of limited government and free markets. Tax policy should not be used to incentivize particular economic behavior; in this case storing precious metals held for income-producing purposes in a qualifying precious metal depository in this state.