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A JOINT RESOLUTION
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proposing a constitutional amendment authorizing a local option |
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exemption from ad valorem taxation by a county, municipality, or |
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junior college district of a portion of the market value of |
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income-producing tangible personal property owned by a |
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veteran-owned business during the business's initial period of |
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operation in this state. |
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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-x to read as follows: |
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Sec. 1-x. (a) The governing body of a county, municipality, |
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or junior college district by official action may exempt from ad |
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valorem taxation a portion of the market value of the |
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income-producing tangible personal property owned by a |
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veteran-owned business and used in the operation of the business |
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during the first five years that the business operates in this |
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state. As an alternative, on receipt of a petition signed by at |
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least five percent of the number of qualified voters who voted in |
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the most recent election in the county, municipality, or junior |
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college district, as applicable, the governing body shall call an |
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election to determine by majority vote whether to adopt the |
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exemption authorized by this section. The amount of the exemption |
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authorized by this section may not exceed $30,000 of the market |
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value. |
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(b) The legislature by general law may define |
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"veteran-owned business" for purposes of this section and may |
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provide additional eligibility requirements for the exemption |
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authorized by this section. |
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SECTION 2. The following temporary provision is added to |
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the Texas Constitution: |
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TEMPORARY PROVISION. (a) This temporary provision applies |
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to the constitutional amendment proposed by the 86th Legislature, |
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Regular Session, 2019, authorizing a local option exemption from ad |
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valorem taxation by a county, municipality, or junior college |
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district of a portion of the market value of income-producing |
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tangible personal property owned by a veteran-owned business during |
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the business's initial period of operation in this state. |
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(b) Section 1-x, Article VIII, of this constitution takes |
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effect January 1, 2020, and applies only to a tax year beginning on |
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or after that date. |
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(c) This temporary provision expires January 1, 2021. |
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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 5, 2019. |
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The ballot shall be printed to provide for voting for or against the |
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proposition: "The constitutional amendment authorizing a local |
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option exemption from ad valorem taxation by a county, |
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municipality, or junior college district of a portion of the market |
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value of the income-producing tangible personal property owned by a |
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veteran-owned business during the business's initial period of |
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operation in this state." |