Honorable Dennis Bonnen, Chair, House Committee on Ways & Means
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
HJR113 by Capriglione (proposing a constitutional amendment authorizing the legislature to exempt from ad valorem taxation precious metal held in the Texas Bullion Depository.), Committee Report 1st House, Substituted
No significant fiscal implication to the State is anticipated, other than the cost of publication.
The cost to the state for publication of the resolution is $114,369.
The bill would amend Article VIII of the Texas Constitution, regarding taxation, to add new Section 1-p to permit the Legislature by general law to exempt from property taxation precious metal held in the Texas Bullion Depository. The Legislature would be permitted to define "precious metal" for purposes of this amendment.
Adoption of the proposed constitutional amendment alone would have no fiscal impact on the state or units of local government. Any fiscal impact would depend on the corresponding enabling legislation (HB 3169).
The proposed amendment would be submitted to voters at an election to be held November 7, 2017.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.