Bill Information:
SB 1449 (Paul Bettencourt) https://capitol.texas.gov/BillLookup/History.aspx?LegSess=87R&Bill=SB1449
Relating to the exemption from ad valorem taxation of income-producing tangible personal property having a value of less than a certain amount.
Summary Timeline:
Several bills were passed this session to increase the eligible exemption (currently $500) for income-producing personal property. This bill raises the exemption to $2,500.
Why it matters to TBA?
For several years now, appraisal districts have been sending personal property rendition forms to everyone who files a DBA in their county. Small scale beekeepers who were selling honey were being asked to render the value of their extraction/bottling /processing equipment and if the amount exceeded $500, were being taxed. Raising the exemption will benefit small scale producers.
Update as of June 1, 2021:
SB 1449 passed both House and Senate and has been sent to the Governor for his signature.
Update as of July 1, 2021:
SB 1449 was signed by Governor Abbot on June 7, 2021 and becomes effective on January 1, 2022.