TX HB3064

Exempts all tangible personal property from ad valorem (property) taxation for tax years beginning on or after January 1, 2026

Removes references to tangible personal property throughout the Tax Code, including provisions related to charitable organizations, religious organizations, schools, and community land trusts that previously provided exemptions for both real and tangible personal property

Repeals numerous Tax Code sections including those governing taxation of motor vehicle dealer inventory, heavy equipment dealer inventory, vessel and outboard motor inventory, and manufactured housing inventory

Eliminates Chapter 24 of the Tax Code relating to property taxation by county assessor-collectors and the comptroller's role in apportioning railroad rolling stock values

Requires passage of a corresponding constitutional amendment by voters exempting tangible personal property from ad valorem taxation; if the amendment is not approved, the bill has no effect