Bill Text: TX HJR48 | 2017-2018 | 85th Legislature | Introduced


Bill Title: Proposing a constitutional amendment authorizing the legislature to phase out by 2027 the ad valorem taxation by a school district of the tangible personal property a person owns that consists of inventory.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2017-02-20 - Referred to Ways & Means [HJR48 Detail]

Download: Texas-2017-HJR48-Introduced.html
  85R3220 TJB-D
 
  By: Workman H.J.R. No. 48
 
 
 
A JOINT RESOLUTION
  proposing a constitutional amendment authorizing the legislature
  to phase out by 2027 the ad valorem taxation by a school district of
  the tangible personal property a person owns that consists of
  inventory.
         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 exempt from
  ad valorem taxation by a school district the market value of the
  tangible personal property a person owns that consists of
  inventory.
         (b)  The legislature by general law may provide additional
  eligibility requirements for the exemption authorized by this
  section.
         (c)  The legislature by general law may prescribe procedures
  for the administration of this section.
         (d)  Subsection (a) of this section applies to the ad valorem
  taxation by a school district of tangible personal property that
  consists of inventory only for the 2027 and subsequent tax years.
  The ad valorem taxation by a school district of tangible personal
  property that consists of inventory for the 2018, 2019, 2020, 2021,
  2022, 2023, 2024, 2025, and 2026 tax years is governed by this
  subsection. The legislature by general law may exempt from ad
  valorem taxation by a school district a percentage of the market
  value of the tangible personal property a person owns that consists
  of inventory. For the 2018 tax year, the amount of the exemption may
  not exceed 10 percent of the market value of the inventory. For the
  2019 tax year, the amount of the exemption may not exceed 20 percent
  of the market value of the inventory. For the 2020 tax year, the
  amount of the exemption may not exceed 30 percent of the market
  value of the inventory. For the 2021 tax year, the amount of the
  exemption may not exceed 40 percent of the market value of the
  inventory. For the 2022 tax year, the amount of the exemption may
  not exceed 50 percent of the market value of the inventory. For the
  2023 tax year, the amount of the exemption may not exceed 60 percent
  of the market value of the inventory. For the 2024 tax year, the
  amount of the exemption may not exceed 70 percent of the market
  value of the inventory. For the 2025 tax year, the amount of the
  exemption may not exceed 80 percent of the market value of the
  inventory. For the 2026 tax year, the amount of the exemption may
  not exceed 90 percent of the market value of the inventory. This
  subsection expires January 1, 2027.
         SECTION 2.  This proposed constitutional amendment shall be
  submitted to the voters at an election to be held November 7, 2017.
  The ballot shall be printed to permit voting for or against the
  proposition: "The constitutional amendment authorizing the
  legislature to phase out by 2027 the ad valorem taxation by a school
  district of the tangible personal property a person owns that
  consists of inventory."
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