Texas HB3424 amends the ad valorem taxation of dealer's heavy equipment inventory.

Texas HB3424 amends the ad valorem taxation of dealer's heavy equipment inventory by requiring dealers to file statements summarizing sales, leases, or rentals of heavy equipment. The bill mandates that owners or those agreeing to pay taxes assign a unit property tax to each item sold, leased, or rented. It also outlines procedures for collecting and distributing taxes, including the use of escrow accounts and the collection of delinquent taxes. The changes apply to ad valorem taxes imposed for tax years beginning on or after January 1, 2026.

Texas HB3424 amends the ad valorem taxation of dealer's heavy equipment inventory.

Texas HB3424 amends the ad valorem taxation of dealer's heavy equipment inventory by requiring dealers to file statements summarizing sales, leases, or rentals of heavy equipment. The bill mandates that owners or those agreeing to pay taxes assign a unit property tax to each item sold, leased, or rented. It also outlines procedures for collecting and distributing taxes, including the use of escrow accounts and the collection of delinquent taxes. The changes apply to ad valorem taxes imposed for tax years beginning on or after January 1, 2026.