Relating to a periodic review of state and local tax preferences.
Impact
The new framework proposed by SB80 is set to enhance transparency regarding the fiscal impact of tax preferences on state and local revenues. By obligating a comprehensive review every twelve years, it provides a mechanism for regular assessment of the economic implications tied to tax expenditures. This could lead to potential realignment of tax policy in Texas, creating more predictable and efficient revenue streams for state operations and local governance.
Summary
SB80 introduces a systematic approach for reviewing state and local tax preferences, which includes elements such as credits, exemptions, refunds, and special rates. The bill aims to establish a schedule within which each identified tax preference will undergo a periodic review every twelve years. The comptroller of public accounts will be responsible for creating and modifying this review schedule, ensuring that tax preferences that cause significant revenue reductions are prioritized for assessment.
Contention
While the bill is primarily aimed at streamlining tax preference efficiency, notably, it has the potential to spark debate among stakeholders regarding the merit of certain tax credits and exemptions. Supporters may hail it as a necessary reform for enhancing accountability and fiscal discipline, while opponents could argue that some established tax preferences are crucial for incentivizing business growth and maintaining economic competitiveness at the local level. Concerns may also arise about possible cuts to tax preferences perceived as beneficial to specific sectors or demographics.
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.
Proposing a constitutional amendment requiring the periodic review of state and local tax preferences and providing an expiration date for certain tax preferences.
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 repeal of or limitations on certain state and local taxes, including school district maintenance and operations ad valorem taxes, the enactment of state and local value added taxes, and related school finance reform; imposing taxes.
Relating to the repeal of or limitations on certain state and local taxes, including school district maintenance and operations ad valorem taxes, the enactment of state and local value added taxes, and related school finance reform; imposing taxes.
Relating to the repeal of or limitations on certain state and local taxes, including school district maintenance and operations ad valorem taxes, the enactment of state and local value added taxes, and related school finance reform; imposing taxes.
Relating to the repeal of or limitations on certain state and local taxes, including school district maintenance and operations ad valorem taxes, the enactment of state and local value added taxes, and related school finance reform; imposing 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.