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A JOINT RESOLUTION
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proposing a constitutional amendment to authorize the legislature |
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to exempt from ad valorem taxation a portion of the market value of |
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tangible personal property a person owns that is held or used for |
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the production of income. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 1(g), Article VIII, Texas Constitution, |
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is amended to read as follows: |
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(g) The Legislature by general law may exempt from ad |
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valorem taxation an amount not to exceed $2,500 of the market value |
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of tangible personal property a person owns that is held or used for |
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the production of income [and has a taxable value of less than the |
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minimum amount sufficient to recover the costs of the |
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administration of the taxes on the property, as determined by or |
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under the general law granting the exemption]. |
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SECTION 2. This proposed constitutional amendment shall be |
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submitted to the voters at an election to be held November 7, 2023. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment to authorize the |
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legislature to exempt from ad valorem taxation a portion of the |
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market value of tangible personal property a person owns that is |
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held or used for the production of income." |