85R4254 TJB-D
 
  By: Elkins H.J.R. No. 54
 
 
 
A JOINT RESOLUTION
  proposing a constitutional amendment authorizing the legislature
  to provide for an exemption from ad valorem taxation of certain
  property owned by or leased to or by a university research
  technology corporation.
         BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Article VIII, Texas Constitution, is amended by
  adding Section 1-t to read as follows:
         Sec. 1-t.  (a) In this section, "university research
  technology corporation" means a special-purpose corporation
  created to develop and commercialize technologies that are owned
  wholly or partly by a public or private institution of higher
  education in this state or by a nonprofit medical center
  development corporation with members that are institutions of
  higher education in this state.
         (b)  The legislature by general law may exempt from ad
  valorem taxation:
               (1)  the ownership interest of a university research
  technology corporation in real and tangible personal property;
               (2)  the ownership interest of a nonprofit medical
  center development corporation in real and tangible personal
  property leased to or used or occupied primarily by a university
  research technology corporation; or
               (3)  the leasehold interest of a university research
  technology corporation in real and tangible personal property
  leased from a nonprofit medical center development corporation.
         (c)  The legislature may impose eligibility requirements for
  an exemption authorized by this section.
         SECTION 2.  This proposed constitutional amendment shall be
  submitted to the voters at an election to be held November 7, 2017.
  The ballot shall be printed to permit voting for or against the
  proposition: "The constitutional amendment authorizing the
  legislature to provide for an exemption from ad valorem taxation of
  certain property owned by or leased to or by a university research
  technology corporation."