Proposing a constitutional amendment to extend the number of days that certain tangible personal property to be transported outside of this state is exempt from ad valorem taxation.
Impact
The proposed amendment is expected to have significant implications for businesses engaged in the acquisition and transportation of goods. By allowing for a longer exemption period, it potentially reduces the financial burden on businesses that are engaged in transit operations. This could foster a more favorable business environment and encourage investment in Texas, particularly in sectors reliant on the movement of tangible personal property. Moreover, this could enhance competition as companies situated in Texas may find it easier to operate and reduce their overhead costs associated with property taxation.
Summary
SJR29 is a proposed constitutional amendment that aims to extend the duration for which certain tangible personal property can be exempt from ad valorem taxation when transported outside the state of Texas. This change would specifically increase the currently allowed exemption period from 175 days to 365 days, allowing businesses more time to move their goods without incurring taxation costs. The aim of this bill is to bolster economic development by making it easier for businesses to operate and manage their inventory within Texas.
Contention
There are points of contention surrounding this amendment, primarily related to the impact it may have on local government revenue. Opponents may argue that extending the exemption period may lead to a decrease in tax income for local entities, complicating their ability to fund necessary public services. Proponents, on the other hand, assert that increased business activities resulting from such an amendment will ultimately lead to a broader tax base that can offset the initial drawbacks. Ultimately, the debate is likely to focus on the balance between fostering economic growth and ensuring local governments retain adequate revenue.
Enabled by
Relating to increasing the period of time for exempting freeport goods from ad valorem taxation.
TX HJR20
Identical
Proposing a constitutional amendment to extend the number of days that certain tangible personal property to be transported outside of this state is exempt from ad valorem taxation.
TX HJR25
Proposing a constitutional amendment to extend the number of days that certain tangible personal property to be transported outside of this state is exempt from ad valorem taxation.
Proposing a constitutional amendment authorizing the legislature to exempt from ad valorem taxation income-producing tangible personal property having a value of less than a certain amount.
Proposing a constitutional amendment authorizing the legislature to exempt from ad valorem taxation income-producing tangible personal property having a value of less than a certain amount.
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 to authorize the legislature to exempt from ad valorem taxation a portion of the market value of tangible personal property a person owns that is held or used for the production of income.
Proposing a constitutional amendment to authorize the legislature to exempt from ad valorem taxation a portion of the market value of tangible personal property a person owns that is held or used for the production of income.
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.