Relating to the functions performed by the comptroller in connection with applications and agreements under the Texas Economic Development Act.
Impact
The bill is expected to strengthen the oversight by the comptroller regarding applications for property tax limitations that are part of economic development incentives. By instituting more stringent reporting requirements, it aims to evaluate the effectiveness of these agreements in terms of job creation and economic investment. The amendments may lead to a more streamlined and standardized approach to how these agreements are monitored, potentially impacting local school districts by requiring them to assist in the data collection necessary for these reports.
Summary
SB1590 aims to amend specific sections of the Texas Tax Code related to the functions performed by the comptroller concerning applications and agreements under the Texas Economic Development Act. The bill specifically mandates the comptroller to provide comprehensive reports assessing progress on agreements related to limitations on appraised value. These reports are intended to ensure transparency and accountability, detailing the jobs created, wages, investments made by the recipients of such agreements, and local tax implications.
Contention
Some points of contention regarding SB1590 may arise from the requirements imposed on school districts to assist the comptroller in data collection. This could be seen as an added burden for school administrations, raising concerns about resource allocation. Additionally, the requirement for the comptroller to notify school districts about applications could lead to disputes regarding the eligibility and economic impact of proposed developments, delineating a clear link between state-level decisions and local educational funding. Overall, while the bill seeks to enhance economic development initiatives, it also places additional regulatory responsibilities on local entities.
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.