88R6591 RDS-D
 
  By: Metcalf H.J.R. No. 129
 
 
 
A JOINT RESOLUTION
  proposing a constitutional amendment exempting tangible personal
  property from ad valorem taxation.
         BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 1, Article VIII, Texas Constitution, is
  amended by amending Subsection (b) and adding Subsection (b-1) to
  read as follows:
         (b)  All real property [and tangible personal property] in
  this State, unless exempt as required or permitted by this
  Constitution, whether owned by natural persons or corporations,
  other than municipal, shall be taxed in proportion to its value,
  which shall be ascertained as may be provided by law. All tangible
  personal property in this State is exempt from ad valorem taxation,
  except as provided by Subsection (b-1) of this section.
         (b-1)  If before January 1, 2024, an ad valorem tax on
  tangible personal property is pledged for the payment of a debt, the
  appropriate tax authorities may continue to levy and collect the
  tax against that tangible personal property at the same rate as the
  pledged tax until the debt is discharged, if cessation of the levy
  and collection of the tax would impair the obligation of the
  contract by which the debt was created. This subsection applies to
  tangible personal property that was taxable under the law in effect
  on January 1, 2023, but that became exempt under Subsection (b) of
  this section on January 1, 2024, as a result of the amendment of
  this section adopted by the voters in 2023 to exempt all tangible
  personal property from ad valorem taxation.
         SECTION 2.  Section 8, Article VIII, Texas Constitution, is
  amended to read as follows:
         Sec. 8.  All real property of railroad companies shall be
  assessed, and the taxes collected in the several counties in which
  said real property is situated, including so much of the roadbed and
  fixtures as shall be in each county. [The rolling stock may be
  assessed in gross in the county where the principal office of the
  company is located, and the county tax paid upon it shall be
  apportioned as provided by general law in proportion to the
  distance such road may run through any such county, among the
  several counties through which the road passes, as a part of their
  tax assets.]
         SECTION 3.  The following provisions of Article VIII, Texas
  Constitution, are repealed:
               (1)  Sections 1(d), (e), and (g);
               (2)  Section 1-i;
               (3)  Section 1-j;
               (4)  Section 1-n, as proposed by S.J.R. 47, 77th
  Legislature, Regular Session, 2001;
               (5)  Section 1-n, as proposed by S.J.R. 6, 77th
  Legislature, Regular Session, 2001;
               (6)  Section 1-p;
               (7)  Section 19; and
               (8)  Section 19a.
         SECTION 4.  The following temporary provision is added to
  the Texas Constitution:
         TEMPORARY PROVISION. The constitutional amendment proposed
  by the 88th Legislature, Regular Session, 2023, exempting tangible
  personal property from ad valorem taxation takes effect January 1,
  2024, and applies only to taxes imposed on or after that date. This
  temporary provision expires January 1, 2025.
         SECTION 5.  This proposed constitutional amendment shall be
  submitted to the voters at an election to be held November 7, 2023.
  The ballot shall be printed to permit voting for or against the
  proposition: "The constitutional amendment exempting all tangible
  personal property in this state from ad valorem taxation."