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 tax authorities to continue levying taxes on tangible personal property if those taxes were pledged for debt repayment before the exemption takes effect, ensuring that existing financial obligations are not impaired.

Additionally, the resolution includes a temporary provision that specifies the amendment will only apply to taxes imposed on or after January 1, 2026, and it will expire on January 1, 2027. The proposed amendment will be submitted to voters for approval in an election scheduled for November 4, 2025, allowing the public to decide on the exemption of tangible personal property from ad valorem taxation.