Subscribe to receive our Floor Reports covering all the action on the Texas House and Senate floor!
HJR 113, if approved by the voters, would amend the constitution to allow a property tax exemption of bullion and other precious metals held by the Texas Bullion Depository. Bullion would be defined as a precious metal that are formed into uniform shapes and quantities used in precious metal transactions.
This bill exempts an entire class of property from taxation to the equal benefit of all owners of that type of property. However, this would also have the effect of using the tax system (by prohibiting taxation) to encourage people to buy precious metals which is a form of picking winners and losers in the economy through state policy. For these reasons we remain neutral on HJR 113.