Tex.
Tax Code Section 11.141
Precious Metal Held in Precious Metal Depository
(a)
For purposes of this section:(1)
“Precious metal” has the meaning assigned by Section 2116.001 (Definitions), 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.(c)
Notwithstanding Section 11.14 (Tangible Personal Property Not Producing Income)(c), the governing body of a taxing unit may not provide for the taxation of precious metal exempted from taxation under Subsection (b).(b)
The exemption provided by Subsection (a) applies to each separate taxing unit in which a person holds or uses tangible personal property for the production of income, and, for the purposes of Subsection (a), all property in each taxing unit is aggregated to determine taxable value.(b)
The exemption provided by Subsection (a) applies to each separate taxing unit in which a person owns a mineral interest and, for the purposes of Subsection (a), all mineral interests in each taxing unit are aggregated to determine value.
Source:
Section 11.141 — Precious Metal Held in Precious Metal Depository, https://statutes.capitol.texas.gov/Docs/TX/htm/TX.11.htm#11.141
(accessed Mar. 16, 2024).