| 1 | 1 | | By: Elkins H.J.R. No. 143 |
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| 2 | 2 | | |
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| 3 | 3 | | |
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| 4 | 4 | | A JOINT RESOLUTION |
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| 5 | 5 | | proposing a constitutional amendment authorizing the legislature |
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| 6 | 6 | | to exempt from ad valorem taxation income-producing tangible |
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| 7 | 7 | | personal property valued at less than $50,000. |
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| 8 | 8 | | BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 9 | 9 | | SECTION 1. Section 1(g), Article VIII, Texas Constitution, |
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| 10 | 10 | | is amended to read as follows: |
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| 11 | 11 | | (g) The Legislature may exempt from ad valorem taxation |
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| 12 | 12 | | tangible personal property that is held or used for the production |
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| 13 | 13 | | of income and has a taxable value of less than $50,000 [the minimum |
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| 14 | 14 | | amount sufficient to recover the costs of the administration of the |
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| 15 | 15 | | taxes on the property, as determined by or under the general law |
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| 16 | 16 | | granting the exemption]. |
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| 17 | 17 | | SECTION 2. The following temporary provision is added to |
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| 18 | 18 | | the Texas Constitution: |
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| 19 | 19 | | TEMPORARY PROVISION. (a) This temporary provision applies |
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| 20 | 20 | | to the constitutional amendment proposed by the 84th Legislature, |
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| 21 | 21 | | Regular Session, 2015, authorizing the legislature to exempt from |
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| 22 | 22 | | ad valorem taxation income-producing tangible personal property |
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| 23 | 23 | | valued at less than $50,000. |
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| 24 | 24 | | (b) The amendment to Section 1(g), |
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| 25 | 25 | | Article VIII, of this |
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| 26 | 26 | | constitution takes effect January 1, 2016, and applies only to a tax |
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| 27 | 27 | | year that begins on or after that date. |
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| 28 | 28 | | (c) This temporary provision expires January 1, 2017. |
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| 29 | 29 | | SECTION 3. This proposed constitutional amendment shall be |
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| 30 | 30 | | submitted to the voters at an election to be held November 3, 2015. |
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| 31 | 31 | | The ballot shall be printed to permit voting for or against the |
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| 32 | 32 | | proposition: "The constitutional amendment authorizing the |
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| 33 | 33 | | legislature to exempt from ad valorem taxation income-producing |
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| 34 | 34 | | tangible personal property valued at less than $50,000." |
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