Texas Tax Code
§ 23.1241 — DEALER'S HEAVY EQUIPMENT INVENTORY; VALUE
TX § 23.1241Title 1. PROPERTY TAX CODE · Part D. APPRAISAL AND ASSESSMENT · Ch. 23. APPRAISAL METHODS AND PROCEDURES · Art. B. SPECIAL APPRAISAL PROVISIONS
Statute text
View on source(a)In this section:
(1)"Dealer" means a person engaged in the business in this state of selling, leasing, or renting heavy equipment. The term does not include a bank, savings bank, savings and loan association, credit union, or other finance company. In addition, for purposes of taxation of a person's inventory of heavy equipment in a tax year, the term does not include a person who renders the person's inventory of heavy equipment for taxation in that tax year by filing a rendition statement or property report in accordance with Chapter 22.
(2)"Dealer's heavy equipment inventory" means all items of heavy equipment that a dealer holds for sale, lease, or rent in this state during a 12-month period.
(3)"Dealer-financed sale" means the sale at retail of an item of heavy equipment in which the dealer finances the purchase of the item, is the sole lender in the transaction, and retains exclusively the right to enforce the terms of the agreement that evidences the sale.
(4)"Declaration" means a dealer's heavy equipment inventory declaration form adopted by the comptroller under this section.
(5)"Fleet transaction" means the sale of five or more items of heavy equipment from a dealer's heavy equipment inventory to the same person in one calendar year.
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Legislative history
Acts 2009, 81st Leg., R.S., Ch. 116 (H.B. 2071), Sec. 4, eff. September 1, 2009. Acts 2011, 82nd Leg., R.S., Ch. 322 (H.B. 2476), Sec. 1, eff. January 1, 2012. Acts 2011, 82nd Leg., R.S., Ch. 322 (H.B. 2476), Sec. 2, eff. January 1, 2012. Acts 2011, 82nd Leg., R.S., Ch. 322 (H.B. 2476), Sec. 8, eff. January 1, 2012. Acts 2013, 83rd Leg., R.S., Ch. 884 (H.B. 826), Sec. 1, eff. January 1, 2014.