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|---|---|---|---|
| 1 | 1 | 85S11165 SMT-D | |
| 2 | 2 | By: Burkett H.J.R. No. 48 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A JOINT RESOLUTION | |
| 6 | 6 | proposing a constitutional amendment authorizing the legislature | |
| 7 | 7 | to exempt from ad valorem taxation income-producing tangible | |
| 8 | 8 | personal property owned by certain small businesses. | |
| 9 | 9 | BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 10 | 10 | SECTION 1. Section 1, Article VIII, Texas Constitution, is | |
| 11 | 11 | amended by adding Subsection (m) to read as follows: | |
| 12 | 12 | (m) The legislature by general law may exempt from ad | |
| 13 | 13 | valorem taxation tangible personal property that is owned by a | |
| 14 | 14 | small business and that is held or used for the production of | |
| 15 | 15 | income. The legislature by general law may define "small business" | |
| 16 | 16 | for purposes of this subsection. | |
| 17 | 17 | SECTION 2. This proposed constitutional amendment shall be | |
| 18 | 18 | submitted to the voters at an election to be held November 7, 2017. | |
| 19 | 19 | The ballot shall be printed to provide for voting for or against the | |
| 20 | 20 | proposition: "The constitutional amendment authorizing the | |
| 21 | 21 | legislature to exempt from ad valorem taxation income-producing | |
| 22 | 22 | tangible personal property owned by certain small businesses." |