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A JOINT RESOLUTION
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proposing a constitutional amendment authorizing the legislature |
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to provide for a credit against the ad valorem taxes imposed by |
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certain taxing units on commercial or industrial real property |
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based on the cost of constructing a building on the property. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Article VIII, Texas Constitution, is amended by |
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adding Section 1-p to read as follows: |
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Sec. 1-p. This section does not apply to ad valorem taxes |
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imposed by a school district. The legislature by general law may |
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provide for a credit against the ad valorem taxes imposed by a |
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taxing unit on property based on the costs the owner of the property |
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has contracted to pay to have a building constructed on the property |
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that is to be used for commercial or industrial purposes. The |
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legislature may provide formulas for computing the amount of the |
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credit a property owner may receive in a tax year and may specify |
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the period for which a property owner may receive a credit. |
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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 8, 2011. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment authorizing the |
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legislature to provide for a credit against the ad valorem taxes |
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imposed by certain taxing units on commercial or industrial real |
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property based on the cost of constructing a building on the |
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property." |