Texas Tax Code 11.141 – Precious Metal Held in Precious Metal Depository
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(a) For purposes of this section:
(1) “Precious metal” has the meaning assigned by § 2116.001, Government Code.
(2) “Precious metal depository” means a depository that:
(A) is primarily engaged in the business of providing precious metal storage to the general public; and
(B) maintains sufficient insurance to cover precious metal deposited in the depository.
(b) A person is entitled to an exemption from taxation of the precious metal that the person owns and that is held in a precious metal depository located in this state, regardless of whether the precious metal is held or used by the person for the production of income.
Terms Used In Texas Tax Code 11.141
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Taxing unit: means a county, an incorporated city or town (including a home-rule city), a school district, a special district or authority (including a junior college district, a hospital district, a district created by or pursuant to the Water Code, a mosquito control district, a fire prevention district, or a noxious weed control district), or any other political unit of this state, whether created by or pursuant to the constitution or a local, special, or general law, that is authorized to impose and is imposing ad valorem taxes on property even if the governing body of another political unit determines the tax rate for the unit or otherwise governs its affairs. See Texas Tax Code 1.04
(c) Notwithstanding § 11.14(c), the governing body of a taxing unit may not provide for the taxation of precious metal exempted from taxation under Subsection (b).