| 1 | 1 | | 85R4254 TJB-D |
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| 2 | 2 | | By: Elkins H.J.R. No. 54 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A JOINT RESOLUTION |
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| 6 | 6 | | proposing a constitutional amendment authorizing the legislature |
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| 7 | 7 | | to provide for an exemption from ad valorem taxation of certain |
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| 8 | 8 | | property owned by or leased to or by a university research |
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| 9 | 9 | | technology corporation. |
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| 10 | 10 | | BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 11 | 11 | | SECTION 1. Article VIII, Texas Constitution, is amended by |
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| 12 | 12 | | adding Section 1-t to read as follows: |
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| 13 | 13 | | Sec. 1-t. (a) In this section, "university research |
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| 14 | 14 | | technology corporation" means a special-purpose corporation |
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| 15 | 15 | | created to develop and commercialize technologies that are owned |
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| 16 | 16 | | wholly or partly by a public or private institution of higher |
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| 17 | 17 | | education in this state or by a nonprofit medical center |
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| 18 | 18 | | development corporation with members that are institutions of |
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| 19 | 19 | | higher education in this state. |
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| 20 | 20 | | (b) The legislature by general law may exempt from ad |
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| 21 | 21 | | valorem taxation: |
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| 22 | 22 | | (1) the ownership interest of a university research |
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| 23 | 23 | | technology corporation in real and tangible personal property; |
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| 24 | 24 | | (2) the ownership interest of a nonprofit medical |
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| 25 | 25 | | center development corporation in real and tangible personal |
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| 26 | 26 | | property leased to or used or occupied primarily by a university |
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| 27 | 27 | | research technology corporation; or |
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| 28 | 28 | | (3) the leasehold interest of a university research |
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| 29 | 29 | | technology corporation in real and tangible personal property |
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| 30 | 30 | | leased from a nonprofit medical center development corporation. |
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| 31 | 31 | | (c) The legislature may impose eligibility requirements for |
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| 32 | 32 | | an exemption authorized by this section. |
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| 33 | 33 | | SECTION 2. This proposed constitutional amendment shall be |
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| 34 | 34 | | submitted to the voters at an election to be held November 7, 2017. |
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| 35 | 35 | | The ballot shall be printed to permit voting for or against the |
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| 36 | 36 | | proposition: "The constitutional amendment authorizing the |
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| 37 | 37 | | legislature to provide for an exemption from ad valorem taxation of |
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| 38 | 38 | | certain property owned by or leased to or by a university research |
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| 39 | 39 | | technology corporation." |
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