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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 first property that a |
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person purchases and qualifies as the person's residence homestead |
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and to provide for the reimbursement of political subdivisions for |
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the revenue loss incurred as a result of 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 a home is entitled to a one-time credit |
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against the ad valorem taxes imposed by a political subdivision on |
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the home in the first tax year in which the property qualifies as |
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the person's residence homestead if the person has not previously |
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qualified a property as the person's residence homestead. The |
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amount of the credit may not exceed the lesser of: |
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(1) the amount computed by multiplying $3,000 by a |
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fraction, the numerator of which is the amount of taxes imposed on |
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the residence homestead by the political subdivision and the |
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denominator of which is the total amount of taxes imposed on the |
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residence homestead by all of the political subdivisions that |
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impose taxes on the residence homestead; or |
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(2) one-half of the amount of taxes imposed by the |
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political subdivision on the residence homestead. |
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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 4, 2025. |
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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 first property that |
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a person purchases and qualifies as the person's residence |
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homestead and to provide for the reimbursement of political |
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subdivisions for the revenue loss incurred as a result of the |
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credit." |