Honorable Paul Bettencourt, Chair, Senate Committee on Property Tax
FROM:
John McGeady, Assistant Director Sarah Keyton, Assistant Director Legislative Budget Board
IN RE:
HJR95 by Capriglione (Proposing a constitutional amendment authorizing the legislature to exempt from ad valorem taxation precious metal held in a precious metal depository located in this state.), As Engrossed
No fiscal implication to the State is anticipated, other than the cost of publication. Any additional fiscal implication would be attributable to the corresponding enabling legislation.
The cost to the state for publication of the resolution is $177,289.
The resolution would propose an amendment to 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 a precious metal depository in this state. The amendment would also permit the Legislature by general law to define "precious metal" and "precious metal depository" for purposes of this exemption.
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 enabling legislation (CSHB 2859).
The cost to the state for publication of the resolution is $177,289.
The proposed amendment would be submitted to voters at an election to be held November 5, 2019.
Local Government Impact
The proposed constitutional amendment alone would have no fiscal implication to units of local government. Any fiscal implication would be attributable to the corresponding enabling legislation.