Proposing a constitutional amendment authorizing the legislature to provide for an exemption from ad valorem taxation of certain property owned by or leased to or by a university research technology corporation.
Impact
If approved, this constitutional amendment would allow the Texas legislature to create specific exemptions from property taxes for the ownership interests and leasehold interests of these university research technology corporations. The proposed exemption is aimed at reducing the financial burdens these organizations face, potentially leading to increased investment in research and development initiatives in the state. Such economic measures may also attract additional outside investment and foster collaborative projects between universities and private entities.
Summary
HJR54 is a joint resolution proposing a constitutional amendment that would authorize the Texas legislature to exempt certain properties from ad valorem taxation. This amendment specifically targets properties owned by or leased to university research technology corporations, which are defined as special-purpose entities created to develop and commercialize technologies associated with public or private higher education institutions or certain nonprofit medical centers. The intent behind this resolution is to encourage innovation and economic growth by providing financial relief to entities engaged in research and technology commercialization.
Contention
Notably, the amendment may raise discussions regarding the prioritization of tax exemptions for university-related entities over other sectors that may also benefit from similar financial relief. There are questions about the fairness and broader implications of selectively exempting certain corporations from taxation, particularly if it leads to significant reductions in local tax revenues. The amendment includes provisions for the legislature to impose eligibility requirements for these exemptions, which might further prompt debate regarding who qualifies for such financial relief and how it aligns with broader fiscal policies of the state.
Enabled by
Relating to the creation of research technology corporations for the development and commercialization of technologies owned by institutions of higher education or by certain medical centers with members that are institutions of higher education; providing for tax exemptions; providing a penalty.
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 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 real property used to operate a child-care facility.
Proposing a constitutional amendment authorizing the legislature to exempt from ad valorem taxation real property used to operate a child-care facility.
Proposing a constitutional amendment authorizing the legislature to provide for an exemption from ad valorem taxation of a portion of the market value of a property that is the primary residence of an adult who has an intellectual or developmental disability and who must be related to the owner or trustee of the property within a certain degree by consanguinity.