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
One of the key impacts of HJR20, if passed, would be a change in the Texas Constitution, specifically amending Section 1-j(a) of Article VIII. The proposed alteration increases the exemption period from 175 days to 365 days, which aligns with the legislative goals of promoting economic growth by encouraging companies to settle and transport goods without immediate taxation hindrances. Many in the business sector argue that this change would facilitate smoother operations and financial considerations for companies that rely on timely transportation of their products.
Summary
HJR20 proposes a constitutional amendment aimed at extending the number of days that certain tangible personal property can be exempt from ad valorem taxation while being transported outside of Texas. The bill suggests that goods intended for future export should not be taxed by local governments if they are to be transported out of state within a specified timeframe. This is believed to enhance the state's competitive position by reducing tax burdens on businesses engaged in interstate commerce.
Conclusion
In summary, HJR20 is positioned as a strategic legislative effort to bolster economic development in Texas through tax exemptions on tangible personal property during transit. The proposal emphasizes the need to support businesses while simultaneously raising questions about local governance and financial equity. As discussions around this bill continue, its potential impacts on state laws and community finance will be crucial points of analysis.
Contention
The notable points of contention surrounding HJR20 primarily revolve around the implications for local governance and tax revenue. Opponents of the amendment might express concerns that extending the exemption period could undermine local funding sources that rely on property taxes. This could impact municipal budgets aimed at funding essential services, creating an argument regarding the balance between supporting businesses and ensuring adequate funding for local governance. Additionally, there is a debate about the fairness of tax exemptions favoring specific businesses over others.
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.
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.