Bill Text: TX HJR132 | 2023-2024 | 88th Legislature | Comm Sub

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Proposing a constitutional amendment prohibiting the imposition of an individual net worth or wealth tax.

Spectrum: Moderate Partisan Bill (Republican 11-2)

Status: (Passed) 2023-05-24 - Filed with the Secretary of State [HJR132 Detail]

Download: Texas-2023-HJR132-Comm_Sub.html

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88R15833 RDS-F
By: Hefner H.J.R. No. 132
Substitute the following for H.J.R. No. 132:
By: Shine C.S.H.J.R. No. 132

A JOINT RESOLUTION
proposing a constitutional amendment prohibiting the legislature
from imposing a tax on the net worth of individuals or businesses.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Article VIII, Texas Constitution, is amended by
adding Section 24-b to read as follows:
Sec. 24-b. (a) Subject to Subsection (b) of this section,
the legislature may not impose a tax on the net worth of individuals
or business entities. For purposes of this section, the net worth
of an individual or business entity means the amount computed by
subtracting from the value of the individual's or entity's assets
the value of the individual's or entity's liabilities.
(b) This section may not be construed as prohibiting the
imposition of:
(1) an ad valorem tax on property; or
(2) a general business tax measured by business
activity.
SECTION 2. This proposed constitutional amendment shall be
submitted to the voters at an election to be held November 7, 2023.
The ballot shall be printed to permit voting for or against the
proposition: "The constitutional amendment to prohibit the
legislature from imposing a tax on the net worth of individuals or
businesses."