Texas Tax Code 11.02 – Intangible Personal Property
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(a) Except as provided by Subsection (b) of this section, intangible personal property is not taxable.
(b) Intangible property governed by Article 4.01, Insurance Code, or by § 89.003, Finance Code, is taxable as provided by law, unless exempt by law, if this state has jurisdiction to tax those intangibles.
Terms Used In Texas Tax Code 11.02
- Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Personal property: All property that is not real property.
- Personal property: means property that is not real property. See Texas Tax Code 1.04
- Property: means real and personal property. See Texas Government Code 311.005
(c) This state has jurisdiction to tax intangible personal property if the property is:
(1) owned by a resident of this state; or
(2) located in this state for business purposes.