Proposing a constitutional amendment to authorize the legislature to exempt from ad valorem taxation a portion of the market value of tangible personal property a person owns that is held or used for the production of income.
Impact
If passed, this constitutional amendment could have significant implications for state tax law, specifically in relation to property taxation. By providing a tax exemption for a designated value of personal property used in income generation, HJR211 could enhance the financial viability of small business owners and individuals who rely on tangible assets for their income. This change would ideally stimulate economic activity by encouraging investment in personal property utilized for business purposes, thereby potentially leading to greater overall economic growth.
Summary
HJR211 is a joint resolution proposing a constitutional amendment that would enable the Texas legislature to exempt a portion of the market value of tangible personal property from ad valorem taxation for individuals whose property is utilized for income production. Specifically, the proposed exemption would allow the legislature to exempt up to $100,000 of market value contingent on the annual rendering of said property. This initiative is aimed at alleviating the tax burden on individuals engaged in producing income through personal property, such as businesses and rental properties.
Contention
The proposal may generate debate in terms of its perceived fairness and revenue implications for local governments. Supporters argue that tax exemptions on personal property will help stimulate small businesses and thus foster economic growth. Conversely, opponents may express concerns about the impact on local revenue streams generated from property taxes, which fund essential community services. The discussion around HJR211 is likely to focus on balancing the benefits of stimulating business activity against the necessity for local governments to maintain adequate funding for services reliant on property tax revenues.
Similar
Proposing a constitutional amendment to authorize the legislature to exempt from ad valorem taxation a portion of the market value of tangible personal property a person owns that is held or used for the production of income.
Enabled by
Relating to an exemption from ad valorem taxation of a portion of the appraised value of tangible personal property a person owns that is held or used for the production of income.
Proposing a constitutional amendment to authorize the legislature to exempt from ad valorem taxation a portion of the market value of tangible personal property a person owns that is held or used for the production of income.
Proposing a constitutional amendment to authorize the legislature to exempt from ad valorem taxation a portion of the market value of tangible personal property a person owns that is held or used for the production of income.
Relating to an exemption from ad valorem taxation of a portion of the appraised value of tangible personal property a person owns that is held or used for the production of income.
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.
Proposing a constitutional amendment authorizing the legislature to exempt from ad valorem taxation income-producing tangible personal property having a value of less than a certain amount.
Proposing a constitutional amendment authorizing the legislature to exempt from ad valorem taxation income-producing tangible personal property having a value of less than a certain amount.
Relating to an exemption from ad valorem taxation of a portion of the appraised value of tangible personal property that is held or used for the production of income and a franchise tax credit for the payment of certain related ad valorem taxes.
Proposing a constitutional amendment authorizing the legislature to exempt from ad valorem taxation tangible personal property consisting of animal feed held by the owner of the property for sale at retail.