| 6 | 4 | | |
|---|
| 7 | 5 | | |
|---|
| 8 | 6 | | A JOINT RESOLUTION |
|---|
| 9 | 7 | | proposing a constitutional amendment to authorize the legislature |
|---|
| 10 | 8 | | to exempt from ad valorem taxation a portion of the market value of |
|---|
| 11 | 9 | | tangible personal property a person owns that is held or used for |
|---|
| 12 | 10 | | the production of income. |
|---|
| 13 | 11 | | BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|---|
| 14 | 12 | | SECTION 1. Section 1(g), Article VIII, Texas Constitution, |
|---|
| 15 | 13 | | is amended to read as follows: |
|---|
| 16 | 14 | | (g) The Legislature by general law may exempt from ad |
|---|
| 17 | 15 | | valorem taxation $250,000 of the market value of tangible personal |
|---|
| 18 | 16 | | property a person owns that is held or used for the production of |
|---|
| 19 | 17 | | income [and has a taxable value of less than the minimum amount |
|---|
| 20 | 18 | | sufficient to recover the costs of the administration of the taxes |
|---|
| 21 | 19 | | on the property, as determined by or under the general law granting |
|---|
| 22 | 20 | | the exemption]. |
|---|
| 23 | 21 | | SECTION 2. The following temporary provision is added to |
|---|
| 24 | 22 | | the Texas Constitution: |
|---|
| 25 | 23 | | TEMPORARY PROVISION. (a) This temporary provision applies |
|---|
| 26 | 24 | | to the constitutional amendment proposed by the 89th Legislature, |
|---|
| 27 | 25 | | Regular Session, 2025, to authorize the legislature to exempt from |
|---|
| 28 | 26 | | ad valorem taxation a portion of the market value of tangible |
|---|
| 29 | 27 | | personal property a person owns that is held or used for the |
|---|
| 30 | 28 | | production of income. |
|---|
| 31 | 29 | | (b) The amendment to Section 1(g), Article VIII, of this |
|---|
| 32 | 30 | | constitution takes effect for the tax year beginning January 1, |
|---|
| 33 | 31 | | 2025. |
|---|
| 34 | 32 | | (c) This temporary provision expires January 1, 2027. |
|---|
| 35 | 33 | | SECTION 3. This proposed constitutional amendment shall be |
|---|
| 36 | 34 | | submitted to the voters at an election to be held November 4, 2025. |
|---|
| 37 | 35 | | The ballot shall be printed to permit voting for or against the |
|---|
| 38 | 36 | | proposition: "The constitutional amendment to authorize the |
|---|
| 39 | 37 | | legislature to exempt from ad valorem taxation a portion of the |
|---|
| 40 | 38 | | market value of tangible personal property a person owns that is |
|---|
| 41 | 39 | | held or used for the production of income." |
|---|