Relating to the functions performed by the comptroller in connection with applications and agreements under the Texas Economic Development Act.
Impact
The implications of HB 1756 on state laws are significant. By formalizing and clarifying the reporting process, the bill is poised to improve oversight regarding economic development agreements. This measure could lead to a more informed legislative environment, facilitating better decision-making based on concrete data. Furthermore, the requirement for school districts to assist in data collection and report submission emphasizes the collaborative nature of state-local interactions in economic development efforts.
Summary
House Bill 1756 aims to modify the functions performed by the comptroller in relation to applications and agreements under the Texas Economic Development Act. The bill introduces amendments to the reporting requirements for the comptroller, mandating a comprehensive assessment of agreements entered into that provide tax limitations on appraised values. One of the key features is the inclusion of metrics such as the actual number of jobs created, median wages, and the total dollar amounts of investments, enhancing accountability and transparency in the economic impact evaluations associated with these agreements.
Conclusion
In conclusion, the introduction of HB 1756 signifies a push towards a more accountable structure for assessing the effectiveness of economic development initiatives under the Texas Economic Development Act. Its focus on rigorous data collection and transparent reporting could reshape how future agreements are evaluated, while addressing local agencies' contributions to state-wide development goals.
Contention
Notable points of contention surrounding HB 1756 include potential disagreements about the adequacy of the metrics specified for evaluating agreements. Critics may argue that the provided metrics do not encompass all facets of economic impact, while supporters contend that this structured approach is necessary for enhancing public understanding of how tax limitations affect job creation and community development. Additionally, varying interpretations of the roles of the comptroller and local governments in these agreements might surface during discussions.
Identical
Relating to the functions performed by the comptroller in connection with applications and agreements under the Texas Economic Development Act.
Relating to the establishment of the Texas Mircale Act (TMA), allowing for certain fees, authorizing certain ad valorem tax incentives for economic development, specifically certain tax relief from school district taxes for certain corporations and limited liability companies that make large investments that create jobs in this state, to authorizing the imposition of certain fees, and the repeal of Chapter 313 of Texas Tax Code and the Economic Development Act of the 77th Legislature.
Relating to agreements authorizing a limitation on taxable value of certain property to provide for the creation of jobs and the generation of state and local tax revenue; authorizing fees; authorizing penalties.
Relating to the functions of the Texas Water Development Board and continuation and functions of the State Water Implementation Fund for Texas Advisory Committee.
Relating to the duty of a school district to enter into an ad valorem tax abatement agreement under the Property Redevelopment and Tax Abatement Act for certain property.
Relating to abolishing the property tax assistance division of the office of the comptroller of public accounts and transferring its powers and duties to the newly created State Property Tax Board.
Relating to a study of the feasibility and benefits to this state of abolishing the property tax assistance division of the office of the comptroller of public accounts and transferring its powers and duties to an independent agency.