By: Bettencourt, et al. S.J.R. No. 36
A JOINT RESOLUTION
proposing a constitutional amendment authorizing the legislature
to exempt from ad valorem taxation income-producing tangible
personal property valued at less than $50,000.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 1(g), Article VIII, Texas Constitution,
is amended to read as follows:
(g) The Legislature may exempt from ad valorem taxation
tangible personal property that is held or used for the production
of income and has a taxable value of less than $50,000 [the minimum
amount sufficient to recover the costs of the administration of the
taxes on the property, as determined by or under the general law
granting the exemption].
SECTION 2. The following temporary provision is added to
the Texas Constitution:
TEMPORARY PROVISION. (a) This temporary provision applies
to the constitutional amendment proposed by the 84th Legislature,
Regular Session, 2015, authorizing the legislature to exempt from
ad valorem taxation income-producing tangible personal property
valued at less than $50,000.
(b) The amendment to Section 1(g), Article VIII, of this
constitution takes effect January 1, 2016, and applies only to a tax
year that begins on or after that date.
(c) This temporary provision expires January 1, 2017.
SECTION 3. This proposed constitutional amendment shall be
submitted to the voters at an election to be held November 3, 2015.
The ballot shall be printed to permit voting for or against the
proposition: "The constitutional amendment authorizing the
legislature to exempt from ad valorem taxation income-producing
tangible personal property valued at less than $50,000."