| 1 | 1 | | 87R5794 SMT-D |
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| 2 | 2 | | By: Shine H.J.R. No. 53 |
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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 exempt from ad valorem taxation a portion of the value of a |
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| 8 | 8 | | person's income-producing tangible personal property if the |
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| 9 | 9 | | property has a value within a specified range of values. |
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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. Section 1, Article VIII, Texas Constitution, is |
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| 12 | 12 | | amended by adding Subsection (n) to read as follows: |
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| 13 | 13 | | (n) The legislature by general law may exempt from ad |
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| 14 | 14 | | valorem taxation 20 percent of the taxable value of a person's |
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| 15 | 15 | | tangible personal property that is held or used for the production |
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| 16 | 16 | | of income if the property is listed in a single account maintained |
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| 17 | 17 | | by the appraisal entity that appraises the property and the total |
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| 18 | 18 | | taxable value of all property listed in the account is $5,000 or |
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| 19 | 19 | | more and less than $500,000. A person may receive more than one |
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| 20 | 20 | | exemption authorized by this subsection. |
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| 21 | 21 | | SECTION 2. This proposed constitutional amendment shall be |
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| 22 | 22 | | submitted to the voters at an election to be held November 2, 2021. |
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| 23 | 23 | | The ballot shall be printed to permit voting for or against the |
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| 24 | 24 | | proposition: "The constitutional amendment authorizing the |
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| 25 | 25 | | legislature to exempt from ad valorem taxation 20 percent of the |
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| 26 | 26 | | value of a person's income-producing tangible personal property if |
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| 27 | 27 | | the property has a value of $5,000 or more and less than $500,000." |
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