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A JOINT RESOLUTION
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proposing a constitutional amendment authorizing the legislature |
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to provide for an exemption from ad valorem taxation of certain |
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property owned by or leased to or by a university research |
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technology corporation. |
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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-t to read as follows: |
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Sec. 1-t. (a) In this section, "university research |
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technology corporation" means a special-purpose corporation |
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created to develop and commercialize technologies that are owned |
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wholly or partly by a public or private institution of higher |
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education in this state or by a nonprofit medical center |
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development corporation with members that are institutions of |
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higher education in this state. |
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(b) The legislature by general law may exempt from ad |
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valorem taxation: |
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(1) the ownership interest of a university research |
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technology corporation in real and tangible personal property; |
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(2) the ownership interest of a nonprofit medical |
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center development corporation in real and tangible personal |
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property leased to or used or occupied primarily by a university |
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research technology corporation; or |
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(3) the leasehold interest of a university research |
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technology corporation in real and tangible personal property |
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leased from a nonprofit medical center development corporation. |
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(c) The legislature may impose eligibility requirements for |
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an exemption authorized by this section. |
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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 7, 2017. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment authorizing the |
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legislature to provide for an exemption from ad valorem taxation of |
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certain property owned by or leased to or by a university research |
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technology corporation." |