Texas House Bill HJR134

Texas 2015 - 84th Regular

Caption

Proposing a constitutional amendment authorizing the legislature to provide for an exemption from ad valorem taxation of all or part of the market value of the residence homestead of the surviving spouse of a 100 percent or totally disabled veteran who died before the law authorizing a residence homestead exemption for such a veteran took effect and authorizing the legislature to exempt from ad valorem taxation by one or more political subdivisions all or part of the market value of the tangible personal property a person owns that consists of inventory.

Impact

Furthermore, HJR134 seeks to authorize the legislature to exempt from ad valorem taxation the tangible personal property owned by individuals that consists of inventory. This change could benefit businesses in Texas by reducing the financial burden associated with property taxes on inventory, promoting improved economic conditions for those business owners. The implementation of such measures could stimulate growth and sustainability within the state's business community, particularly in sectors dependent on inventory management.

Summary

HJR134 is a legislative proposal aimed at amending the Texas Constitution to provide tax relief for the surviving spouses of 100 percent or totally disabled veterans. The bill specifically allows for an exemption from ad valorem taxation on the market value of the residence homestead when a veteran has died before legislation that authorizes exemptions for such individuals took effect. This reflects Texas' recognition of the sacrifices made by veterans and their families, aiming to ease the financial burden on those who are left behind.

Contention

While the intentions behind HJR134 may generally be viewed positively, there have been discussions regarding the implications for local government finances. Critics express concerns that property tax exemptions may strain local revenue sources, as municipalities and counties could face budget shortfalls stemming from these exemptions. Balancing the needs of veterans and their families with the fiscal health of local governments will likely be a point of contention as the bill moves through the legislative process. Stakeholders from both the veteran advocacy community and local governance will continue to engage in dialogue about the implications of this legislative proposal.