HBA-RBT, RAR H.B. 453 76(R) BILL ANALYSIS Office of House Bill AnalysisH.B. 453 By: Gutierrez Ways & Means 3/19/1999 Introduced BACKGROUND AND PURPOSE Currently, the tax code allows for the discounting of taxes on residential property that is held for sale as long as it goes unoccupied. H.B. 453 affords the owners of commercial property the same tax benefit. RULEMAKING AUTHORITY It is the opinion of the Office of House Bill Analysis that this bill does not expressly delegate any additional rulemaking authority to a state officer, department, agency, or institution. SECTION BY SECTION ANALYSIS SECTION 1. Amends Section 23.12(a), Tax Code, to include in an inventory for purposes of ad valorem taxation, real property that has been substantially developed or improved for industrial or commercial use, other than agricultural use; was vacant during the development or improvement and remains vacant; has been publicly offered for sale in the ordinary course or the owner's business and is available for purchase or is under contract for purchase; and is not leased or rented and does not produce income. SECTION 2. Effective date: January 1, 2000. Provides that this Act applies only to ad valorem taxes imposed on or after that date. SECTION 3. Emergency clause.