| |
| |
|
|
A JOINT RESOLUTION
|
|
|
proposing a constitutional amendment authorizing the legislature |
|
|
to phase out by 2025 the ad valorem taxation by a school district of |
|
|
the tangible personal property a person owns that consists of |
|
|
inventory. |
|
|
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Article VIII, Texas Constitution, is amended by |
|
|
adding Section 1-r to read as follows: |
|
|
Sec. 1-r. (a) The legislature by general law may exempt from |
|
|
ad valorem taxation by a school district the market value of the |
|
|
tangible personal property a person owns that consists of |
|
|
inventory. |
|
|
(b) The legislature by general law may provide additional |
|
|
eligibility requirements for the exemption authorized by this |
|
|
section. |
|
|
(c) The legislature by general law may prescribe procedures |
|
|
for the administration of this section. |
|
|
(d) Subsection (a) of this section applies to the ad valorem |
|
|
taxation by a school district of tangible personal property that |
|
|
consists of inventory only for the 2025 and subsequent tax years. |
|
|
The ad valorem taxation by a school district of tangible personal |
|
|
property that consists of inventory for the 2016, 2017, 2018, 2019, |
|
|
2020, 2021, 2022, 2023, and 2024 tax years is governed by this |
|
|
subsection. The legislature by general law may exempt from ad |
|
|
valorem taxation by a school district a percentage of the market |
|
|
value of the tangible personal property a person owns that consists |
|
|
of inventory. For the 2016 tax year, the amount of the exemption may |
|
|
not exceed 10 percent of the market value of the inventory. For the |
|
|
2017 tax year, the amount of the exemption may not exceed 20 percent |
|
|
of the market value of the inventory. For the 2018 tax year, the |
|
|
amount of the exemption may not exceed 30 percent of the market |
|
|
value of the inventory. For the 2019 tax year, the amount of the |
|
|
exemption may not exceed 40 percent of the market value of the |
|
|
inventory. For the 2020 tax year, the amount of the exemption may |
|
|
not exceed 50 percent of the market value of the inventory. For the |
|
|
2021 tax year, the amount of the exemption may not exceed 60 percent |
|
|
of the market value of the inventory. For the 2022 tax year, the |
|
|
amount of the exemption may not exceed 70 percent of the market |
|
|
value of the inventory. For the 2023 tax year, the amount of the |
|
|
exemption may not exceed 80 percent of the market value of the |
|
|
inventory. For the 2024 tax year, the amount of the exemption may |
|
|
not exceed 90 percent of the market value of the inventory. This |
|
|
subsection expires January 1, 2025. |
|
|
SECTION 2. This proposed constitutional amendment shall be |
|
|
submitted to the voters at an election to be held November 3, 2015. |
|
|
The ballot shall be printed to permit voting for or against the |
|
|
proposition: "The constitutional amendment authorizing the |
|
|
legislature to phase out by 2025 the ad valorem taxation by a school |
|
|
district of the tangible personal property a person owns that |
|
|
consists of inventory." |