LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 84TH LEGISLATIVE REGULAR SESSION May 15, 2015 TO: Honorable Dennis Bonnen, Chair, House Committee on Ways & Means FROM: Ursula Parks, Director, Legislative Budget Board IN RE:SB752 by Bettencourt (relating to the repeal of the inheritance tax.), Committee Report 2nd House, Substituted No fiscal implication to the State is anticipated. The bill would repeal Chapter 211 of the Tax Code to eliminate inheritance taxes, and would amend Subsection 124.001(3) of the Estates Code to make corresponding changes.The state's inheritance tax has collected no significant revenue since fiscal 2005. As such, repealing this tax is expected to have no fiscal impact.The bill would take effect on September 1, 2015. Local Government Impact No fiscal implication to units of local government is anticipated. Source Agencies:304 Comptroller of Public Accounts LBB Staff: UP, KK, SD
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 84TH LEGISLATIVE REGULAR SESSION
May 15, 2015
TO: Honorable Dennis Bonnen, Chair, House Committee on Ways & Means FROM: Ursula Parks, Director, Legislative Budget Board IN RE:SB752 by Bettencourt (relating to the repeal of the inheritance tax.), Committee Report 2nd House, Substituted
TO: Honorable Dennis Bonnen, Chair, House Committee on Ways & Means
FROM: Ursula Parks, Director, Legislative Budget Board
IN RE: SB752 by Bettencourt (relating to the repeal of the inheritance tax.), Committee Report 2nd House, Substituted
Honorable Dennis Bonnen, Chair, House Committee on Ways & Means
Honorable Dennis Bonnen, Chair, House Committee on Ways & Means
Ursula Parks, Director, Legislative Budget Board
Ursula Parks, Director, Legislative Budget Board
SB752 by Bettencourt (relating to the repeal of the inheritance tax.), Committee Report 2nd House, Substituted
SB752 by Bettencourt (relating to the repeal of the inheritance tax.), Committee Report 2nd House, Substituted
No fiscal implication to the State is anticipated.
No fiscal implication to the State is anticipated.
The bill would repeal Chapter 211 of the Tax Code to eliminate inheritance taxes, and would amend Subsection 124.001(3) of the Estates Code to make corresponding changes.The state's inheritance tax has collected no significant revenue since fiscal 2005. As such, repealing this tax is expected to have no fiscal impact.The bill would take effect on September 1, 2015.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies: 304 Comptroller of Public Accounts
304 Comptroller of Public Accounts
LBB Staff: UP, KK, SD
UP, KK, SD