Texas SB32 provides an exemption from ad valorem taxation for certain tangible personal property and a franchise tax credit for related ad valorem.

Texas SB32 amends the Tax Code to provide an exemption from ad valorem taxation for up to $25,000 of the appraised value of tangible personal property held or used for the production of income, provided the property has a taxable value of less than $2,500. This exemption applies to each separate location in a taxing unit where the property is held or used for income production. The bill also introduces a franchise tax credit for the payment of certain related ad valorem taxes, with a cap of $700 million on the total credits awarded annually.

Texas SB32 provides an exemption from ad valorem taxation for certain tangible personal property and a franchise tax credit for related ad valorem.

Texas SB32 amends the Tax Code to provide an exemption from ad valorem taxation for up to $25,000 of the appraised value of tangible personal property held or used for the production of income, provided the property has a taxable value of less than $2,500. This exemption applies to each separate location in a taxing unit where the property is held or used for income production. The bill also introduces a franchise tax credit for the payment of certain related ad valorem taxes, with a cap of $700 million on the total credits awarded annually.