Enron Corp. v. Spring Independent School District

Spring Independent School District challenges the constitutionality of a Tax Code provision that allows the market value of inventory to be appraised as of September 1 of the preceding tax year or January 1 of the applicable tax year at the election of the taxpayer. The trial court upheld the statute, but the court of appeals reversed, finding the statute constitutionally infirm on several grounds. 889 S.W.2d 562. We reverse the judgment of the court of appeals.

I

The property at issue is natural gas stored in the Bammel Reservoir. The Enron petitioners and others periodically inject natural…