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A JOINT RESOLUTION
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proposing a constitutional amendment authorizing the legislature |
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to exempt from ad valorem taxation a portion of the value of a |
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person's income-producing tangible personal property if the |
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property has a value within a specified range of values. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 1, Article VIII, Texas Constitution, is |
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amended by adding Subsection (n) to read as follows: |
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(n) The legislature by general law may exempt from ad |
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valorem taxation 20 percent of the taxable value of a person's |
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tangible personal property that is held or used for the production |
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of income if the property is listed in a single account maintained |
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by the appraisal entity that appraises the property and the total |
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taxable value of all property listed in the account is $5,000 or |
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more and less than $500,000. A person may receive more than one |
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exemption authorized by this subsection. |
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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 2, 2021. |
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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 exempt from ad valorem taxation 20 percent of the |
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value of a person's income-producing tangible personal property if |
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the property has a value of $5,000 or more and less than $500,000." |