Relating to a periodic review of state and local tax preferences.
Impact
If enacted, HB 1308 would significantly shape the landscape of tax policy in Texas by introducing regular evaluations of tax preferences. This could lead to the retention, modification, or potential repeal of certain tax benefits based on their effectiveness. Such reviews would allow the Legislative Budget Board to provide recommendations that could influence legislative decisions on tax codes, thereby potentially altering fiscal strategies used by both state and local governments.
Summary
House Bill 1308 proposes the establishment of a select commission responsible for the periodic review of state and local tax preferences. This bill seeks to create a systematic process for evaluating the effectiveness and necessity of various tax credits, exemptions, and other forms of financial incentives provided under state law. The primary goal is to ensure that these financial mechanisms are aligned with contemporary economic needs and public policies, effectively promoting a transparent and accountable tax system.
Sentiment
The sentiment surrounding HB 1308 appears largely constructive, as proponents argue that systematic reviews of tax preferences can enhance fiscal responsibility and better allocate resources for public services. Supporters believe that refining tax policies in this way could lead to improved economic conditions and accountability within state governance. On the other hand, there may be some apprehension from stakeholders who benefit directly from current tax preferences, as alterations could affect their financial incentives and operational viability.
Contention
Notable points of contention may arise from differing perspectives on how tax preferences support various sectors, particularly those benefiting low- and moderate-income families versus those aimed at enhancing business growth. There is the potential for debate on whether the reviews are sufficiently transparent and inclusive, allowing for adequate public input. Additionally, stakeholders might express concerns about the implications of repealing certain tax incentives that have historically supported specific industries or initiatives in Texas.
Proposing a constitutional amendment requiring the periodic review of state and local tax preferences and providing an expiration date for certain tax preferences.
Proposing a constitutional amendment requiring the periodic review of state and local tax preferences and the expiration of certain tax preferences if not reauthorized by law.
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 funding of projects by the Public Utility Commission of Texas to promote the reliability and resiliency of the power grid in this state; authorizing the issuance of revenue bonds.
Relating to the authorization, licensing, and regulation of casino gaming and sports wagering in this state, to the creation, powers, and duties of the Texas Gaming Commission, to the support of the horse racing industry and reform of horse racing and greyhound racing, and to other provisions related to gambling; imposing and authorizing administrative and civil penalties; imposing taxes; imposing and authorizing fees; requiring occupational licenses; creating criminal offenses.
Relating to the nonsubstantive revision of the health and human services laws governing the Health and Human Services Commission, Medicaid, and other social services.