| 1 | 1 | | By: Bhojani H.J.R. No. 194 |
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| 2 | 2 | | |
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| 3 | 3 | | |
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| 4 | 4 | | A JOINT RESOLUTION |
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| 5 | 5 | | proposing a constitutional amendment to authorize the legislature |
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| 6 | 6 | | to provide for a one-time credit against the ad valorem taxes |
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| 7 | 7 | | imposed by a political subdivision on the residence homestead of a |
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| 8 | 8 | | first-time home buyer and to provide for the reimbursement of |
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| 9 | 9 | | political subdivisions for the revenue loss incurred as a result of |
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| 10 | 10 | | the credit. |
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| 11 | 11 | | BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 12 | 12 | | SECTION 1. Article VIII, Texas Constitution, is amended by |
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| 13 | 13 | | adding Section 1-q to read as follows: |
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| 14 | 14 | | Sec. 1-q. (a) The legislature by general law may provide |
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| 15 | 15 | | that a person who purchases the person's first home is entitled to a |
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| 16 | 16 | | one-time credit against the ad valorem taxes imposed by political |
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| 17 | 17 | | subdivisions on the home in the first tax year in which the property |
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| 18 | 18 | | qualifies as the person's residence homestead. The amount of the |
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| 19 | 19 | | credit in the aggregate may not exceed the lesser of $3,000 or |
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| 20 | 20 | | one-half of the amount of taxes otherwise imposed on the property by |
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| 21 | 21 | | political subdivisions. |
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| 22 | 22 | | (b) The legislature may prescribe additional eligibility |
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| 23 | 23 | | requirements for receiving a credit under this section. |
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| 24 | 24 | | (c) Notwithstanding any other provision of this |
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| 25 | 25 | | constitution, the legislature by general law may authorize the use |
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| 26 | 26 | | of state money to reimburse a political subdivision for the revenue |
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| 27 | 27 | | loss incurred by the political subdivision as a result of the tax |
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| 28 | 28 | | credit authorized by this section and shall provide a procedure for |
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| 29 | 29 | | distributing any money appropriated for that purpose. |
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| 30 | 30 | | SECTION 2. This proposed constitutional amendment shall be |
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| 31 | 31 | | submitted to the voters at an election to be held November 7, 2023. |
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| 32 | 32 | | The ballot shall be printed to permit voting for or against the |
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| 33 | 33 | | proposition: "The constitutional amendment to authorize the |
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| 34 | 34 | | legislature to provide for a one-time credit against the ad valorem |
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| 35 | 35 | | taxes imposed by a political subdivision on the residence homestead |
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| 36 | 36 | | of a first-time home buyer and to provide for the reimbursement of |
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| 37 | 37 | | political subdivisions for the revenue loss incurred as a result of |
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| 38 | 38 | | the credit." |
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