By: Bhojani H.J.R. No. 194
A JOINT RESOLUTION
proposing a constitutional amendment to authorize the legislature
to provide for a one-time credit against the ad valorem taxes
imposed by a political subdivision on the residence homestead of a
first-time home buyer and to provide for the reimbursement of
political subdivisions for the revenue loss incurred as a result of
the credit.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Article VIII, Texas Constitution, is amended by
adding Section 1-q to read as follows:
Sec. 1-q. (a) The legislature by general law may provide
that a person who purchases the person's first home is entitled to a
one-time credit against the ad valorem taxes imposed by political
subdivisions on the home in the first tax year in which the property
qualifies as the person's residence homestead. The amount of the
credit in the aggregate may not exceed the lesser of $3,000 or
one-half of the amount of taxes otherwise imposed on the property by
political subdivisions.
(b) The legislature may prescribe additional eligibility
requirements for receiving a credit under this section.
(c) Notwithstanding any other provision of this
constitution, the legislature by general law may authorize the use
of state money to reimburse a political subdivision for the revenue
loss incurred by the political subdivision as a result of the tax
credit authorized by this section and shall provide a procedure for
distributing any money appropriated for that purpose.
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 provide for a one-time credit against the ad valorem
taxes imposed by a political subdivision on the residence homestead
of a first-time home buyer and to provide for the reimbursement of
political subdivisions for the revenue loss incurred as a result of
the credit."