The resolution proposes a constitutional amendment to exempt all tangible personal property from ad valorem taxation in Texas. It amends Section 1 of Article VIII of the Texas Constitution, stating that while all real property is subject to taxation unless exempted, tangible personal property will be exempt from such taxes starting January 1, 2026. However, there is a provision that allows for the continuation of ad valorem taxes on tangible personal property if those taxes are pledged for the payment of a debt incurred before January 1, 2026, until that debt is discharged.

Additionally, the resolution includes amendments to Section 8 of Article VIII regarding the assessment of real property owned by railroad companies and repeals several existing provisions related to taxation. The proposed amendment will be submitted to voters for approval in an election scheduled for November 4, 2025, allowing them to vote on whether to exempt all tangible personal property from ad valorem taxation.