Honorable Morgan Meyer, Chair, House Committee on Ways & Means
FROM:
Jerry McGinty, Director, Legislative Budget Board
IN RE:
SJR87 by Huffman (Proposing a constitutional amendment to authorize the legislature to exempt from ad valorem taxation equipment or inventory held by a manufacturer of medical or biomedical products to protect the Texas healthcare network and strengthen our medical supply chain.), As Engrossed
No fiscal implication to the State is anticipated, other than the cost of publication.
The cost to the state for publication of the resolution is $204,406.
The resolution would propose an amendment to Article VIII of the Texas Constitution, relating to Taxation and Revenue, to authorize the Legislature, by general law, to exempt from property tax certain tangible personal property held by a manufacturer of medical or biomedical products as a finished good, or used in the manufacturing or processing of medical or biomedical products.
Adoption of the proposed constitutional amendment alone would have no fiscal impact on the state or units of local government. Any fiscal impact would be associated with the required enabling legislation (SB 2289).
The proposed amendment would be submitted to voters at an election to be held November 7, 2023.
Local Government Impact
No fiscal implication to units of local government is anticipated.