LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION May 6, 2009 TO: Honorable Steve Ogden, Chair, Senate Committee on Finance FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:HB2071 by Oliveira (Relating to the reporting of certain inventories for ad valorem tax purposes; providing penalties.), As Engrossed No significant fiscal implication to the State is anticipated. The bill would amend Chapter 23 of the Tax Code, with regard to the reporting of motor vehicle, heavy equipment, vessels and outboard motor, and manufactured housing inventory, to provide that a failure to timely file an inventory declaration form would result in a penalty. Current law provides for the penalty only for failure to file the report. The bill would require dealers to submit the required inventory declaration form by the 10th day of each month, even though no inventory was sold in the preceding month, and require the dealers to indicate on the form that no inventory was sold. The bill would affect the reporting of certain inventories and may increase inventory reporting compliance or fines paid by inventory owners for lack of compliance. The bill would not have a significant fiscal effect on the state or local taxing units. The bill would take effect September 1, 2009. Local Government Impact No significant fiscal implication to units of local government is anticipated. Source Agencies:304 Comptroller of Public Accounts LBB Staff: JOB, MN, SD, SJS
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION
May 6, 2009
TO: Honorable Steve Ogden, Chair, Senate Committee on Finance FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:HB2071 by Oliveira (Relating to the reporting of certain inventories for ad valorem tax purposes; providing penalties.), As Engrossed
TO: Honorable Steve Ogden, Chair, Senate Committee on Finance
FROM: John S. O'Brien, Director, Legislative Budget Board
IN RE: HB2071 by Oliveira (Relating to the reporting of certain inventories for ad valorem tax purposes; providing penalties.), As Engrossed
Honorable Steve Ogden, Chair, Senate Committee on Finance
Honorable Steve Ogden, Chair, Senate Committee on Finance
John S. O'Brien, Director, Legislative Budget Board
John S. O'Brien, Director, Legislative Budget Board
HB2071 by Oliveira (Relating to the reporting of certain inventories for ad valorem tax purposes; providing penalties.), As Engrossed
HB2071 by Oliveira (Relating to the reporting of certain inventories for ad valorem tax purposes; providing penalties.), As Engrossed
No significant fiscal implication to the State is anticipated.
No significant fiscal implication to the State is anticipated.
The bill would amend Chapter 23 of the Tax Code, with regard to the reporting of motor vehicle, heavy equipment, vessels and outboard motor, and manufactured housing inventory, to provide that a failure to timely file an inventory declaration form would result in a penalty. Current law provides for the penalty only for failure to file the report. The bill would require dealers to submit the required inventory declaration form by the 10th day of each month, even though no inventory was sold in the preceding month, and require the dealers to indicate on the form that no inventory was sold. The bill would affect the reporting of certain inventories and may increase inventory reporting compliance or fines paid by inventory owners for lack of compliance. The bill would not have a significant fiscal effect on the state or local taxing units. The bill would take effect September 1, 2009.
The bill would amend Chapter 23 of the Tax Code, with regard to the reporting of motor vehicle, heavy equipment, vessels and outboard motor, and manufactured housing inventory, to provide that a failure to timely file an inventory declaration form would result in a penalty. Current law provides for the penalty only for failure to file the report.
The bill would require dealers to submit the required inventory declaration form by the 10th day of each month, even though no inventory was sold in the preceding month, and require the dealers to indicate on the form that no inventory was sold.
The bill would affect the reporting of certain inventories and may increase inventory reporting compliance or fines paid by inventory owners for lack of compliance. The bill would not have a significant fiscal effect on the state or local taxing units.
The bill would take effect September 1, 2009.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.
Source Agencies: 304 Comptroller of Public Accounts
304 Comptroller of Public Accounts
LBB Staff: JOB, MN, SD, SJS
JOB, MN, SD, SJS