Constitutional amendment to exempt from ad valorem property taxes inventory held by manufacturers, distributors, and retailers if the taxing authority accepts a payment in lieu of the property taxes which would otherwise be due on such inventory as may be provided by law for such purpose. (2/3-CA13s1(A))(1/1/16) (OR SEE FISC NOTE LF RV)
Provides for an optional exemption of business inventory from ad valorem taxes and to authorize the reduction of the fair market value percentage of business inventory under certain circumstances (EGF SEE FISC NOTE GF EX See Note)