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A JOINT RESOLUTION
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proposing a constitutional amendment to authorize the legislature |
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to provide for a one-time credit against the ad valorem taxes |
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imposed by a political subdivision on the residence homestead of a |
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first-time home buyer and to provide for the reimbursement of |
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political subdivisions for the revenue loss incurred as a result of |
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the credit. |
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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-q to read as follows: |
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Sec. 1-q. (a) The legislature by general law may provide |
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that a person who purchases the person's first home is entitled to a |
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one-time credit against the ad valorem taxes imposed by political |
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subdivisions on the home in the first tax year in which the property |
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qualifies as the person's residence homestead. The amount of the |
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credit in the aggregate may not exceed the lesser of $3,000 or |
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one-half of the amount of taxes otherwise imposed on the property by |
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political subdivisions. |
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(b) The legislature may prescribe additional eligibility |
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requirements for receiving a credit under this section. |
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(c) Notwithstanding any other provision of this |
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constitution, the legislature by general law may authorize the use |
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of state money to reimburse a political subdivision for the revenue |
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loss incurred by the political subdivision as a result of the tax |
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credit authorized by this section and shall provide a procedure for |
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distributing any money appropriated for that purpose. |
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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 provide for a one-time credit against the ad valorem |
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taxes imposed by a political subdivision on the residence homestead |
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of a first-time home buyer and to provide for the reimbursement of |
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political subdivisions for the revenue loss incurred as a result of |
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the credit." |