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House passes bill to eliminate intangible personal property tax
Summary
On April 2 the House passed HB22 to remove a remaining intangible personal property tax that applies to certain assets such as insurance-company stock; supporters said compliance costs outweigh revenue, and the bill passed to engrossment 133–11.
The Texas House voted April 2 to pass House Bill 22 to engrossment, a bill that would eliminate a limited form of intangible personal property tax that currently applies in some cases to assets such as stock held by insurance companies and savings-and-loan associations.
Representative Noble, the bill’s author, told colleagues the tax affects a small portion of intangible assets but imposes outsized…
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