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A JOINT RESOLUTION
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proposing a constitutional amendment relating to the authorization |
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to exempt from ad valorum taxation precious metals. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Article VIII, Texas Constitution, is amended by |
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adding Section 1-p to read as follows: |
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Sec. 1-p. (a) The legislature by general law may exempt |
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from ad valorem taxation bullion, specie and precious metals held |
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by the Texas Bullion Depository. |
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(b) For purposes of this Section: |
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(1) "bullion" means precious metals that are formed |
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into uniform shapes and quantities such as ingots, bars, or plates, |
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with uniform content and purity, as are suitable for or customarily |
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used in precious metal transactions; |
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(2) "precious metal" means a metal, including gold, |
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silver, platinum, palladium and rhodium that bears a high |
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value-to-weight ratio relative to common industrial metals and |
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customarily is formed into bullion or specie; and |
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(3) "specie" means a precious metal stamped into coins |
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of uniform shape, size, design, content and purity, suitable for or |
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customarily used as a currency, as a medium of exchange or as the |
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medium for purchase, sale, storage, transfer or delivery of |
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precious metals or wholesale transactions. |
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SECTION 2. 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: |
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"The constitutional amendment authorizing the |
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legislature by general law to exempt from ad valorem taxation |
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bullion, specie and precious metals held by the Texas Bullion |
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Depository." |