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A JOINT RESOLUTION
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proposing a constitutional amendment prohibiting the legislature |
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from imposing a tax on the net worth of individuals or businesses. |
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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 24-b to read as follows: |
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Sec. 24-b. (a) Subject to Subsection (b) of this section, |
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the legislature may not impose a tax on the net worth of individuals |
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or business entities. For purposes of this section, the net worth |
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of an individual or business entity means the amount computed by |
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subtracting from the value of the individual's or entity's assets |
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the value of the individual's or entity's liabilities. |
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(b) This section may not be construed as prohibiting the |
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imposition of: |
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(1) an ad valorem tax on property; or |
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(2) a general business tax measured by business |
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activity. |
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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 prohibit the |
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legislature from imposing a tax on the net worth of individuals or |
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businesses." |