Texas Senate Bill SB1983

Texas 2015 - 84th Regular

Caption

Relating to the exemption from ad valorem taxation of pollution control property.

Impact

The introduction of SB1983 aims to clarify existing regulations around the taxation of pollution control property rather than significantly altering them. By delineating the criteria for tax exemptions related to carbon capture and pollution control, the bill encourages investment in green technologies that align with state and federal environmental goals. This may stimulate economic development in Texas by attracting businesses engaged in clean energy projects and reinforcing the state's commitment to environmental stewardship.

Summary

SB1983 proposes an amendment to the Texas Tax Code with regard to the exemption from ad valorem taxation for pollution control property. The bill primarily concerns property that is utilized for capturing carbon dioxide from anthropogenic sources, ensuring that such property qualifies for tax exemptions as long as it meets the regulatory standards set forth by the United States Environmental Protection Agency (EPA). This legislative intent is to facilitate advancements in carbon capture technology and pollution control, thus promoting a cleaner environment in Texas.

Contention

While the bill has the potential to foster advancements in clean energy, it also raises discussions regarding the balance between incentivizing green initiatives and ensuring that the property does not unjustly benefit from tax exemptions, primarily if it increases the production of goods or profitability. Critics may question the extent of these exemptions and whether they could be exploited, resulting in financial losses for the state. As such, policymakers must evaluate the implications of these changes carefully to ensure that they meet both environmental and fiscal responsibilities.