| TO: | Honorable Jane Nelson, Chair, Senate Committee on Finance |
| FROM: | Ursula Parks, Director, Legislative Budget Board |
| IN RE: | SJR36 by Bettencourt (Proposing a constitutional amendment authorizing the legislature to exempt from ad valorem taxation income-producing tangible personal property valued at less than $50,000.), As Introduced |
The resolution alone would have no fiscal implication to the State other than the cost of publication. Any additional fiscal implication would be attributable to the corresponding enabling legislation, Senate Bill 763.
The cost to the State for publication of the resolution is $118,681.
Thie resolution would propose an amendment to Article VIII of the Texas Constitution, to add new Section 1-t to permit the Legislature to exempt from property taxation the tangible personal property used by the owner of the property to manufacture, process, or fabricate tangible personal property for ultimate sale. The Legislature would be permitted to provide eligibility requirements for the exemption.
The amendment, in and of itself, would not create a cost to local taxing units or the state. Any cost would be attributable to the implementing legislation (SB 763) and is shown on the fiscal note for that bill.
The cost to the State for publication of the resolution is $118,681.
The proposed amendment would be submitted to voters at an election to be held November 3, 2015.
| Source Agencies: | 304 Comptroller of Public Accounts
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| LBB Staff: | UP, KK, SD, SJS
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