Don’t overlook constitutional amendments election
Next year’s presidential election is garnering quite a bit of attention, but there is also an upcoming general election involving issues that will promote economic growth in Texas and the prosperity of its residents.
While off-year elections typically don’t generate much voter interest, there are good reasons for Texans to cast informed ballots in the Nov. 7 constitutional amendments election. Early voting begins Monday.
The Texas Legislature meets in odd-numbered years and usually generates a fair number of joint resolutions. While bills passed by the Legislature go to the governor for approval or veto, joint resolutions go to Texas voters for consideration as amendments to the Texas Constitution. This year, there are 14 constitutional amendments on the ballot.
The Greater San Antonio Chamber of Commerce has taken policy positions in favor of 10 constitutional amendments that will benefit the San Antonio community and our state. The Chamber’s position paper on all 10 can be found online at www.sachamber.org/stateagenda, but here are a few highlights.
Property taxes in Texas are among the highest in the nation. Proposition 4 will give Texas businesses and homeowners some much-needed relief. The proposed amendment would authorize the Legislature to temporarily limit the maximum appraised value of commercial, mineral and residential properties not subject to a homestead exemption and that are valued less than $5 million. The proposed amendment would also increase the mandatory homestead exemption for school district property taxation from $40,000 to $100,000.
Much of this year’s legislative session was consumed with a debate about the proportion of tax relief going to businesses and homeowners. Proposition 4 strikes a reasonable balance that will create a significant economic impact, while also limiting school district property taxes for the elderly and disabled.
Proposition 5 would redesignate our state’s National Research University Fund as the Texas University Fund, or TUF; and it would appropriate funds from the rainy day fund to the TUF. The proposed amendment would appropriate to the TUF an amount equal to the interest income, dividends and investment earnings attributable to the rainy day fund for the preceding state fiscal year, not to exceed $100 million for the fiscal year beginning Sept. 1, 2023, and then indexed in following years.
The TUF will establish a $3 billion endowment to assist emerging research universities seeking research activity expansion. It would benefit universities outside the Texas A&M and University of Texas systems, which already receive research funds from the state’s Permanent University Fund. If passed, Texas State University in our region would become eligible for funding immediately, and additional institutions will become eligible for funding once they meet statutory requirements.
Broadband internet access is a basic requirement for most businesses. It’s also essential for education, health care, personal finances and much else. Yet according to a 2021 study by SA Digital Connects, more than 20% of Bexar County residents lack adequate internet access.
Proposition 8 would help expand urban and rural highspeed internet access by creating a broadband infrastructure fund. The proposed amendment would dedicate $1.5 billion to expand quality internet access across the state.
San Antonio continues to be a growing hub for medical and biomedical research. Proposition 10 would give those industries a boost by exempting from ad valorem taxes equipment and inventory held by manufacturers of medical and biomedical products. That’s not only good for local businesses, it also holds the possibility of reducing health care costs.
Early voting for the Nov. 7 constitutional amendments election begins Monday and runs to Nov. 3. Take the time to research all 14 proposed constitutional amendments. Then cast an informed vote to keep San Antonio, our surrounding region and our state on a path that provides enhanced economic opportunities for more people and businesses.