Texas HB240 amends tax definitions to include livestock, poultry, eggs, and timber in the exemption from ad valorem taxation for farm products.

Texas HB240 modifies the definitions of certain terms for the exemption from ad valorem taxation of farm products in the hands of the producer. The bill includes livestock, poultry, eggs, and timber in the definition of farm products. It specifies that for timber, the exemption applies to standing timber or timber that has been harvested and is located on the property where it was produced, under the ownership of the person who owned it when it was standing. The changes take effect on January 1, 2027, contingent on voter approval of a constitutional amendment.

Texas HB240 amends tax definitions to include livestock, poultry, eggs, and timber in the exemption from ad valorem taxation for farm products.

Texas HB240 modifies the definitions of certain terms for the exemption from ad valorem taxation of farm products in the hands of the producer. The bill includes livestock, poultry, eggs, and timber in the definition of farm products. It specifies that for timber, the exemption applies to standing timber or timber that has been harvested and is located on the property where it was produced, under the ownership of the person who owned it when it was standing. The changes take effect on January 1, 2027, contingent on voter approval of a constitutional amendment.