88R15833 RDS-F
 
  By: Hefner H.J.R. No. 132
 
  Substitute the following for H.J.R. No. 132:
 
  By:  Shine C.S.H.J.R. No. 132
 
 
 
A JOINT RESOLUTION
  proposing a constitutional amendment prohibiting the legislature
  from imposing a tax on the net worth of individuals or businesses.
         BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Article VIII, Texas Constitution, is amended by
  adding Section 24-b to read as follows:
         Sec. 24-b.  (a) Subject to Subsection (b) of this section,
  the legislature may not impose a tax on the net worth of individuals
  or business entities. For purposes of this section, the net worth
  of an individual or business entity means the amount computed by
  subtracting from the value of the individual's or entity's assets
  the value of the individual's or entity's liabilities.
         (b)  This section may not be construed as prohibiting the
  imposition of:
               (1)  an ad valorem tax on property; or
               (2)  a general business tax measured by business
  activity.
         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 prohibit the
  legislature from imposing a tax on the net worth of individuals or
  businesses."