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A JOINT RESOLUTION
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proposing a constitutional amendment to authorize the legislature |
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to exempt from ad valorem taxation a percentage of the market value |
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of the tangible personal property a person owns that consists of |
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inventory held for sale at retail. |
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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-w to read as follows: |
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Sec. 1-w. (a) The legislature by general law may exempt |
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from ad valorem taxation a percentage not to exceed 75 percent of |
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the market value of the tangible personal property a person owns |
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that consists of inventory held for sale at retail. |
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(b) The legislature by general law may define "inventory" |
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for the purposes of this section. |
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(c) Subsection (a) of this section applies to the ad valorem |
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taxation of tangible personal property that consists of inventory |
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held for sale at retail only for the 2026 and subsequent tax years. |
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The ad valorem taxation of tangible personal property that consists |
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of inventory held for sale at retail for the 2024 and 2025 tax years |
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is governed by this subsection. The legislature by general law may |
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exempt from ad valorem taxation a percentage of the market value of |
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the tangible personal property a person owns that consists of |
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inventory held for sale at retail. For the 2024 tax year, the amount |
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of the exemption may not exceed 20 percent of the market value of |
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the inventory. For the 2025 tax year, the amount of the exemption |
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may not exceed 50 percent of the market value of the inventory. |
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This subsection expires January 1, 2026. |
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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 7, 2023. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment to authorize the |
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legislature to exempt from ad valorem taxation a percentage of the |
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market value of the tangible personal property a person owns that |
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consists of inventory held for sale at retail." |