Honorable Morgan Meyer, Chair, House Committee on Ways & Means
FROM:
Jerry McGinty, Director, Legislative Budget Board
IN RE:
HJR209 by Bhojani (Proposing a constitutional amendment to authorize the legislature to provide for a one-time credit against the ad valorem taxes imposed by a political subdivision on the first property that a person purchases and qualifies as the person's residence homestead and to provide for the reimbursement of political subdivisions for the revenue loss incurred as a result of the credit.), As Introduced
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 provide for a one-time credit against property taxes imposed by a political subdivision on the first property that a person purchases and qualifies as the person's first residence homestead. The resolution would provide the one-time credit calculation, authorize the Legislature by general law to provide additional eligibility requirements for the credit, and use state money to reimburse a political subdivision for the revenue loss incurred as a result of the tax credit. The Legislature by general law would provide a procedure for distributing any money appropriated for that purpose.
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 2133).
Local Government Impact
No fiscal implication to units of local government is anticipated.