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A JOINT RESOLUTION
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proposing a constitutional amendment authorizing the legislature |
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to permit one or more political subdivisions of this state to exempt |
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from ad valorem taxation a person's inventory held for sale at |
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retail. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 1(d), Article VIII, Texas Constitution, |
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is amended to read as follows: |
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(d) The Legislature by general law shall exempt from ad |
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valorem taxation household goods not held or used for the |
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production of income and personal effects not held or used for the |
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production of income. The Legislature by general law may exempt |
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from ad valorem taxation: |
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(1) all or part of the personal property homestead of a |
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family or single adult, "personal property homestead" meaning that |
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personal property exempt by law from forced sale for debt; |
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(2) subject to Subsections (e) and (g) of this section |
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and except as provided by Section 1-u of this article, all other |
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tangible personal property, except structures which are |
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substantially affixed to real estate and are used or occupied as |
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residential dwellings and except property held or used for the |
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production of income; |
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(3) subject to Subsection (e) of this section, a |
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leased motor vehicle that is not held primarily for the production |
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of income by the lessee and that otherwise qualifies under general |
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law for exemption; and |
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(4) one motor vehicle, as defined by general law, |
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owned by an individual that is used in the course of the |
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individual's occupation or profession and is also used for personal |
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activities of the owner that do not involve the production of |
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income. |
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SECTION 2. Article VIII, Texas Constitution, is amended by |
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adding Section 1-u to read as follows: |
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Sec. 1-u. The legislature by general law may authorize the |
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governing body of one or more political subdivisions of this state |
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to exempt from ad valorem taxation a person's inventory held for |
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sale at retail, as defined by general law. |
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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 7, 2017. |
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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 permit one or more political subdivisions of this |
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state to exempt from ad valorem taxation a person's inventory held |
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for sale at retail." |