Property Tax Changes for Texas Rental Companies
Rent heavy equipment? Then, these changes affect you
Texas law, with respect to the method of assessing and paying personal property tax on heavy equipment, has changed.
Today (Jan. 23, 2012), the office of the Texas Controller released links to the following documents:
These documents provide a user’s manual that explains who is subject to the tax, the definition of heavy equipment and the method for determining a business’s tax rate, as well as instructions on collecting and remitting the Unit Property Tax required under the new law.
If you have any heavy equipment as defined in the user’s guide in your rental inventory, you are subject to the provisions of the new law.
If you have any questions, please call Chuck Bailey, American Rental Association/Texas Rental Association lobbyist, at 512-457-8687 for more information.