Relating to estimating the rate of growth of the state's economy for purposes of the constitutional spending limit.
Impact
The implications of HB1217 are significant for how state budgetary decisions are made moving forward. By establishing clear guidelines for calculating the rate of economic growth, the bill aims to provide a more transparent and reliable framework for budgeting processes. Additionally, it allows the Board to apply statistical methods to project personal income growth, which could influence both fiscal policy and state funding allocations in future bienniums.
Summary
House Bill 1217 seeks to amend certain provisions in the Government Code related to estimating the rate of growth of the state's economy for determining the constitutional spending limit. The legislation stipulates that to calculate this growth, consideration must be given to the estimated rates of growth in Texas's gross state product and total personal income. Specifically, the bill dictates that the Legislative Budget Board will utilize these economic metrics to adopt the lesser of the two rates as the official estimated growth rate for appropriations.
Contention
While the bill is designed to clarify and streamline economic growth estimations relevant to state spending, it may spark debates among legislators regarding the efficacy of the proposed methods for estimating growth. Some lawmakers might argue that relying solely on these metrics could overlook other crucial economic factors affecting state revenue. Furthermore, there could be contention surrounding the impact of these regulations on specific funding for local initiatives, especially if the estimates result in more conservative fiscal policies.
Relating to an annual state budget and legislative budget sessions in even-numbered years and to political contributions made during a legislative session.
Proposing a constitutional amendment excepting certain appropriations to pay for school district ad valorem tax relief from the constitutional limitation on the rate of growth of appropriations.
Proposing a constitutional amendment excepting certain appropriations to pay for school district ad valorem tax relief from the constitutional limitation on the rate of growth of appropriations.
Proposing a constitutional amendment excepting certain appropriations to pay for school district ad valorem tax relief from the constitutional limitation on the rate of growth of appropriations.
Proposing a constitutional amendment to authorize the legislature to limit the maximum appraised value of real property for ad valorem tax purposes, to increase the amount of an exemption from ad valorem taxation by a school district applicable to residence homesteads, to adjust the amount of the limitation on school district ad valorem taxes imposed on the residence homesteads of the elderly or disabled to reflect increases in certain exemption amounts, and to except certain appropriations to pay for ad valorem tax relief from the constitutional limitation on the rate of growth of appropriations.