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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 an exemption from ad valorem taxation of certain |
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property owned by research technology corporations created by |
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public or private institutions of higher education to develop and |
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commercialize technologies owned by the institutions. |
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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. (a) The legislature by general law may exempt |
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from ad valorem taxation the real and tangible personal property |
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owned by a research technology corporation that is created by a |
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public or private institution of higher education in this state to |
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develop and commercialize technologies that are owned wholly or |
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partly by the institution. |
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(b) The legislature may impose eligibility requirements for |
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an exemption authorized by this section. |
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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 3, 2015. |
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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 an exemption from ad valorem taxation of |
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certain property owned by research technology corporations created |
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by public or private institutions of higher education to develop |
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and commercialize technologies owned by the institutions." |