BILL ANALYSIS

Senate Research Center	H.J.R. 132
	By: Hefner et al. (Hughes)
	Finance
	5/12/2023
	Engrossed

AUTHOR'S / SPONSOR'S STATEMENT OF INTENT

There has been a growing movement across multiple states to impose state taxes based on net worth or wealth. Such an act by the legislature, if it chose to adopt the tax, would be unconstitutional and would impose a new type of tax on Texas residents without their input. H.J.R. 132 would allow the people of Texas to decide whether or not they want a direct say in the possibility of a net worth tax being imposed by the legislature.

H.J.R. 132 proposes a constitutional amendment prohibiting the imposition of an individual net worth or wealth tax.

RULEMAKING AUTHORITY

This bill does not expressly grant any additional rulemaking authority to a state officer, institution, or agency.

SECTION BY SECTION ANALYSIS

SECTION 1. Amends Article VIII, Texas Constitution, by adding Section 25, as follows:

Sec. 25. Prohibits the legislature from imposing a tax based on the wealth or net worth of an individual or family, including a tax based on the difference between the assets and liabilities of an individual or family.

SECTION 2.� Requires that the proposed constitutional amendment be submitted to the voters at an election to be held November 7, 2023. Sets forth the required language of the ballot.