LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 84TH LEGISLATIVE REGULAR SESSION March 1, 2015 TO: Honorable Jane Nelson, Chair, Senate Committee on Finance FROM: Ursula Parks, Director, Legislative Budget Board IN RE:SJR36 by Bettencourt (Proposing a constitutional amendment authorizing the legislature to exempt from ad valorem taxation income-producing tangible personal property valued at less than $50,000.), As Introduced The resolution alone would have no fiscal implication to the State other than the cost of publication. Any additional fiscal implication would be attributable to the corresponding enabling legislation, Senate Bill 763. The cost to the State for publication of the resolution is $118,681. Thie resolution would propose an amendment to Article VIII of the Texas Constitution, to add new Section 1-t to permit the Legislature to exempt from property taxation the tangible personal property used by the owner of the property to manufacture, process, or fabricate tangible personal property for ultimate sale. The Legislature would be permitted to provide eligibility requirements for the exemption. The amendment, in and of itself, would not create a cost to local taxing units or the state. Any cost would be attributable to the implementing legislation (SB 763) and is shown on the fiscal note for that bill. The cost to the State for publication of the resolution is $118,681. The proposed amendment would be submitted to voters at an election to be held November 3, 2015. Local Government Impact The proposed constitutional amendment alone would have no fiscal implication to units of local government. Any fiscal implication would be attributable to the corresponding enabling legislation, Senate Bill 763. Source Agencies:304 Comptroller of Public Accounts LBB Staff: UP, KK, SD, SJS
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 84TH LEGISLATIVE REGULAR SESSION
March 1, 2015
TO: Honorable Jane Nelson, Chair, Senate Committee on Finance FROM: Ursula Parks, Director, Legislative Budget Board IN RE:SJR36 by Bettencourt (Proposing a constitutional amendment authorizing the legislature to exempt from ad valorem taxation income-producing tangible personal property valued at less than $50,000.), As Introduced
TO: Honorable Jane Nelson, Chair, Senate Committee on Finance
FROM: Ursula Parks, Director, Legislative Budget Board
IN RE: SJR36 by Bettencourt (Proposing a constitutional amendment authorizing the legislature to exempt from ad valorem taxation income-producing tangible personal property valued at less than $50,000.), As Introduced
Honorable Jane Nelson, Chair, Senate Committee on Finance
Honorable Jane Nelson, Chair, Senate Committee on Finance
Ursula Parks, Director, Legislative Budget Board
Ursula Parks, Director, Legislative Budget Board
SJR36 by Bettencourt (Proposing a constitutional amendment authorizing the legislature to exempt from ad valorem taxation income-producing tangible personal property valued at less than $50,000.), As Introduced
SJR36 by Bettencourt (Proposing a constitutional amendment authorizing the legislature to exempt from ad valorem taxation income-producing tangible personal property valued at less than $50,000.), As Introduced
The resolution alone would have no fiscal implication to the State other than the cost of publication. Any additional fiscal implication would be attributable to the corresponding enabling legislation, Senate Bill 763. The cost to the State for publication of the resolution is $118,681.
The resolution alone would have no fiscal implication to the State other than the cost of publication. Any additional fiscal implication would be attributable to the corresponding enabling legislation, Senate Bill 763. The cost to the State for publication of the resolution is $118,681.
The resolution alone would have no fiscal implication to the State other than the cost of publication. Any additional fiscal implication would be attributable to the corresponding enabling legislation, Senate Bill 763.
The cost to the State for publication of the resolution is $118,681.
Thie resolution would propose an amendment to Article VIII of the Texas Constitution, to add new Section 1-t to permit the Legislature to exempt from property taxation the tangible personal property used by the owner of the property to manufacture, process, or fabricate tangible personal property for ultimate sale. The Legislature would be permitted to provide eligibility requirements for the exemption. The amendment, in and of itself, would not create a cost to local taxing units or the state. Any cost would be attributable to the implementing legislation (SB 763) and is shown on the fiscal note for that bill. The cost to the State for publication of the resolution is $118,681. The proposed amendment would be submitted to voters at an election to be held November 3, 2015.
Thie resolution would propose an amendment to Article VIII of the Texas Constitution, to add new Section 1-t to permit the Legislature to exempt from property taxation the tangible personal property used by the owner of the property to manufacture, process, or fabricate tangible personal property for ultimate sale. The Legislature would be permitted to provide eligibility requirements for the exemption.
The amendment, in and of itself, would not create a cost to local taxing units or the state. Any cost would be attributable to the implementing legislation (SB 763) and is shown on the fiscal note for that bill.
The cost to the State for publication of the resolution is $118,681.
The proposed amendment would be submitted to voters at an election to be held November 3, 2015.
Local Government Impact
The proposed constitutional amendment alone would have no fiscal implication to units of local government. Any fiscal implication would be attributable to the corresponding enabling legislation, Senate Bill 763.
Source Agencies: 304 Comptroller of Public Accounts
304 Comptroller of Public Accounts
LBB Staff: UP, KK, SD, SJS
UP, KK, SD, SJS