Bill Text: TX SJR64 | 2019-2020 | 86th Legislature | Introduced
Bill Title: Proposing a constitutional amendment authorizing the legislature to provide for an exemption from ad valorem taxation of certain property owned by or leased to or by a university research technology corporation.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2019-03-21 - Referred to Higher Education [SJR64 Detail]
Download: Texas-2019-SJR64-Introduced.html
2019S0361-1 03/06/19 | ||
By: Alvarado | S.J.R. No. 64 |
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proposing a constitutional amendment authorizing the legislature | ||
to provide for an exemption from ad valorem taxation of certain | ||
property owned by or leased to or by a university research | ||
technology corporation. | ||
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Article VIII, Texas Constitution, is amended by | ||
adding Section 1-t to read as follows: | ||
Sec. 1-t. (a) In this section, "university research | ||
technology corporation" means a special-purpose corporation | ||
created to develop and commercialize technologies that are owned | ||
wholly or partly by a public or private institution of higher | ||
education in this state or by a nonprofit medical center | ||
development corporation with members that are institutions of | ||
higher education in this state. | ||
(b) The legislature by general law may exempt from ad | ||
valorem taxation: | ||
(1) the ownership interest of a university research | ||
technology corporation in real and tangible personal property; | ||
(2) the ownership interest of a nonprofit medical | ||
center development corporation in real and tangible personal | ||
property leased to or used or occupied primarily by a university | ||
research technology corporation; or | ||
(3) the leasehold interest of a university research | ||
technology corporation in real and tangible personal property | ||
leased from a nonprofit medical center development corporation. | ||
(c) The legislature may impose eligibility requirements for | ||
an exemption authorized by this section. | ||
SECTION 2. This proposed constitutional amendment shall be | ||
submitted to the voters at an election to be held November 5, 2019. | ||
The ballot shall be printed to permit voting for or against the | ||
proposition: "The constitutional amendment authorizing the | ||
legislature to provide for an exemption from ad valorem taxation of | ||
certain property owned by or leased to or by a university research | ||
technology corporation." |