Proposing a constitutional amendment to authorize the legislature to exempt from ad valorem taxation certain perishable inventory held for sale at retail.
Impact
Should this amendment be enacted, it is expected to positively impact retailers and businesses that deal in perishable goods by lowering their overall tax liabilities. This could lead to increased business activity in the sector, potentially translating to lower prices for consumers and greater availability of goods. However, the proposal has implications on state revenue, as exemptions could lead to a decrease in tax income from these businesses, requiring careful consideration of the economic balance.
Summary
HJR174 is a joint resolution proposing a constitutional amendment that would authorize the Texas legislature to exempt from ad valorem taxation certain types of perishable inventory held for retail sale. This amendment, if approved, would allow the legislature to define what constitutes 'perishable inventory,' which may include items such as prescription drugs, non-prescription drugs, and dietary supplements. The proposed change aims to enhance the competitive position of businesses that sell perishable goods by reducing the tax burden associated with their inventory.
Contention
Debates surrounding HJR174 may focus on the implications of tax exemptions on broader state funding mechanisms. Opponents might argue that while the intention is to support local businesses, such tax policies could disproportionately impact public services reliant on stable tax revenues. Additionally, how the legislature defines 'perishable inventory' could become a contentious point, as it sets precedents for other inventory classifications that might seek similar exemptions in the future. Stakeholders will need to evaluate the long-term consequences of this amendment on local economies and state resources.
Identical
Proposing a constitutional amendment to authorize the legislature to exempt from ad valorem taxation certain perishable inventory held for sale at retail.
Proposing a constitutional amendment to authorize the legislature to exempt from ad valorem taxation a percentage of the market value of the tangible personal property a person owns that consists of inventory held for sale at retail.
Proposing a constitutional amendment authorizing the legislature to exempt from ad valorem taxation tangible personal property consisting of animal feed held by the owner of the property for sale at retail.
Proposing a constitutional amendment authorizing the legislature to exempt from ad valorem taxation a mineral interest that has a value of less than a certain amount.
Proposing a constitutional amendment to authorize the legislature to exempt from ad valorem taxation equipment or inventory held by a manufacturer of medical or biomedical products to protect the Texas healthcare network and strengthen our medical supply chain.
Relating to an exemption from ad valorem taxation of a percentage of the appraised value of the tangible personal property a person owns that consists of inventory held for sale at retail.
Proposing a constitutional amendment authorizing the legislature to exempt from ad valorem taxation real property used to operate a child-care facility.