88R9635 TJB-D
By: Raney H.J.R. No. 104
A JOINT RESOLUTION
proposing a constitutional amendment to authorize the legislature
to exempt from ad valorem taxation a percentage of the market value
of the tangible personal property a person owns that consists of
inventory held for sale at retail.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Article VIII, Texas Constitution, is amended by
adding Section 1-w to read as follows:
Sec. 1-w. (a) The legislature by general law may exempt
from ad valorem taxation a percentage not to exceed 75 percent of
the market value of the tangible personal property a person owns
that consists of inventory held for sale at retail.
(b) The legislature by general law may define "inventory"
for the purposes of this section.
(c) Subsection (a) of this section applies to the ad valorem
taxation of tangible personal property that consists of inventory
held for sale at retail only for the 2026 and subsequent tax years.
The ad valorem taxation of tangible personal property that consists
of inventory held for sale at retail for the 2024 and 2025 tax years
is governed by this subsection. The legislature by general law may
exempt from ad valorem taxation a percentage of the market value of
the tangible personal property a person owns that consists of
inventory held for sale at retail. For the 2024 tax year, the amount
of the exemption may not exceed 20 percent of the market value of
the inventory. For the 2025 tax year, the amount of the exemption
may not exceed 50 percent of the market value of the inventory.
This subsection expires January 1, 2026.
SECTION 2. This proposed constitutional amendment shall be
submitted to the voters at an election to be held November 7, 2023.
The ballot shall be printed to permit voting for or against the
proposition: "The constitutional amendment to authorize the
legislature to exempt from ad valorem taxation a percentage of the
market value of the tangible personal property a person owns that
consists of inventory held for sale at retail."