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A JOINT RESOLUTION
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proposing a constitutional amendment authorizing the legislature |
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to exempt from ad valorem taxation income-producing tangible |
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personal property valued at less than $50,000. |
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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 may exempt from ad valorem taxation |
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tangible personal property that is held or used for the production |
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of income and has a taxable value of less than $50,000 [the minimum
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amount sufficient to recover the costs of the administration of the
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taxes on the property, as determined by or under the general law
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granting the exemption]. |
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SECTION 2. The following temporary provision is added to |
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the Texas Constitution: |
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TEMPORARY PROVISION. (a) This temporary provision applies |
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to the constitutional amendment proposed by the 84th Legislature, |
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Regular Session, 2015, authorizing the legislature to exempt from |
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ad valorem taxation income-producing tangible personal property |
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valued at less than $50,000. |
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(b) The amendment to Section 1(g), |
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Article VIII, of this |
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constitution takes effect January 1, 2016, and applies only to a tax |
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year that begins on or after that date. |
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(c) This temporary provision expires January 1, 2017. |
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SECTION 3. 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 exempt from ad valorem taxation income-producing |
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tangible personal property valued at less than $50,000." |