85R4254 TJB-D     By: Elkins H.J.R. No. 54       A JOINT RESOLUTION   proposing a constitutional amendment authorizing the legislature   to provide for an exemption from ad valorem taxation of certain   property owned by or leased to or by a university research   technology corporation.          BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Article VIII, Texas Constitution, is amended by   adding Section 1-t to read as follows:          Sec. 1-t.  (a) In this section, "university research   technology corporation" means a special-purpose corporation   created to develop and commercialize technologies that are owned   wholly or partly by a public or private institution of higher   education in this state or by a nonprofit medical center   development corporation with members that are institutions of   higher education in this state.          (b)  The legislature by general law may exempt from ad   valorem taxation:                (1)  the ownership interest of a university research   technology corporation in real and tangible personal property;                (2)  the ownership interest of a nonprofit medical   center development corporation in real and tangible personal   property leased to or used or occupied primarily by a university   research technology corporation; or                (3)  the leasehold interest of a university research   technology corporation in real and tangible personal property   leased from a nonprofit medical center development corporation.          (c)  The legislature may impose eligibility requirements for   an exemption authorized by this section.          SECTION 2.  This proposed constitutional amendment shall be   submitted to the voters at an election to be held November 7, 2017.   The ballot shall be printed to permit voting for or against the   proposition: "The constitutional amendment authorizing the   legislature to provide for an exemption from ad valorem taxation of   certain property owned by or leased to or by a university research   technology corporation."