TX SB459

Exempts all tangible personal property from ad valorem (property) taxation for tax years beginning on or after January 1, 2026

Removes tangible personal property from the definition of taxable property, leaving only real property subject to ad valorem taxation

Repeals numerous existing Tax Code provisions related to tangible personal property taxation, including exemptions for business inventory, motor vehicle dealer inventory, heavy equipment dealer inventory, vessel and outboard motor inventory, and retail manufactured housing inventory

Makes conforming changes across multiple codes (Tax Code, Agriculture Code, Business & Commerce Code, Finance Code, Government Code, Transportation Code) to remove references to tangible personal property taxation

Takes effect January 1, 2026, contingent on voter approval of a related constitutional amendment proposed by the 89th Legislature exempting tangible personal property from ad valorem taxation