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Relating to the exemption from ad valorem taxation of
income-producing tangible personal property having a value of less
than a certain amount.
Estimated Two-year Net Impact to General Revenue Related Funds for SB1006, As Introduced: a positive impact of $64,000 through the biennium ending August 31, 2021.
Additionally, there would be a negative impact of ($5,250,000) through the biennium ending August 31, 2023.
The bill would make no appropriation but could provide the legal basis for an appropriation of
funds to implement the provisions of the bill.
SB 1006 would raise the exemption from ad valorem property taxation, from $500 to $2500, for income producing property.
Texas Action supports SB 1006 because it promotes limited government. This bill would increase the minimum amount of tangible personal property that is exempt from rendition and assessment for property taxes, and effectively help small businesses which are disproportionately affected by the Texas Business Personal Property tax.