Relating to a study regarding ad valorem tax relief through the use of a circuit breaker program.
Impact
The potential impacts of the proposed circuit breaker program could be significant in altering how property taxes affect different income groups. By linking tax liabilities directly to a homeowner's income, the program aims to relieve financial pressure on lower-income households. The study will encompass an analysis of various designs for the program, estimating the benefits for homeowners across different income brackets, alongside the overall economic effects such as home ownership rates and local market health.
Summary
SB1928 proposes a study on the implementation of an ad valorem tax relief circuit breaker program aimed at providing limited tax burdens on residential homesteads based on their owners' income levels. The bill is intended to address the financial strains that property taxes can impose on low and moderate-income households. Under this proposed framework, the state's comptroller will lead the study and establish an advisory committee comprising various stakeholders such as school districts, real estate agents, and financial agencies. This committee will assist in examining various implementations of the program including rebates or tax credits.
Conclusion
Overall, SB1928 signifies a legislative effort to explore tax relief mechanisms aimed at addressing socio-economic disparities. The outcome of the proposed study will be crucial to shaping future tax policy decisions in Texas, potentially leading to reforms that influence affordability in the housing sector.
Contention
The discussion surrounding SB1928 may face points of contention regarding its feasibility and the implications for tax revenue. Critics might raise concerns about the possible decrease in revenues for local governments and schools, which heavily rely on property taxes. Supporters would likely argue that the circuit breaker could foster greater economic stability by enabling low and moderate-income families to retain their homes, thereby contributing to sustained community development.
Relating to providing property tax relief through the public school finance system, exemptions, limitations on appraisals and taxes, and property tax administration; authorizing the imposition of a fee.
Relating to providing school district property tax relief through rent-relief and through adjusting entitlements, compression, and exemptions under the public school finance system.
Relating to providing property tax relief through the public school finance system, exemptions, limitations on appraisals and taxes, and property tax administration.
Relating to providing property tax relief through the public school finance system, exemptions, limitations on appraisals and taxes, and property tax administration; authorizing the imposition of a fee.
Relating to an exemption from ad valorem taxation of a portion of the appraised value of tangible personal property that is held or used for the production of income and a franchise tax credit for the payment of certain related ad valorem taxes.
Relating to the transfer of the regulation of property tax professionals from the Texas Department of Licensing and Regulation to the comptroller of public accounts; providing civil and administrative penalties.
Relating to the abolishment of the Texas Council on Purchasing from People with Disabilities and the transfer of its functions to the Texas Workforce Commission.
Relating to the abolishment of the Texas Council on Purchasing from People with Disabilities and the transfer of its functions to the comptroller of public accounts.
Relating to a Pan American Games trust fund, an Olympic Games trust fund, a Major Events trust fund, a Motor Sports Racing trust fund, and an Events trust fund for sporting and non-sporting events, and to the abolishment of the special event trust fund.