Honorable Paul Bettencourt, Chair, Senate Committee on Local Government
FROM:
Jerry McGinty, Director, Legislative Budget Board
IN RE:
HJR1 by Meyer (proposing a constitutional amendment to authorize the legislature to exempt from ad valorem taxation a portion of the market value of tangible personal property a person owns that is held or used for the production of income.), Committee Report 2nd House, Substituted
No fiscal implication to the State is anticipated, other than the cost of publication.
The cost to the state for publication of the resolution is $191,689.
The resolution would propose an amendment to Article VIII of the Texas Constitution to allow the Legislature by general law to exempt $125,000 of the market value of tangible personal property a person owns that is held or used for the production of income from property taxation.
Adoption of the proposed constitutional amendment alone would have no fiscal impact on the state or units of local government. Any fiscal impact would depend on the corresponding enabling legislation (HB 9).
Local Government Impact
No fiscal implication to units of local government is anticipated.