Texas Senate Bill SB829

Texas 2015 - 84th Regular

Caption

Relating to the verification of information provided to the comptroller and contained in reports on compliance with agreements under the Texas Economic Development Act.

Impact

The implications of SB829 are significant for the state's economic development strategies. By ensuring that the data reported by recipients is both reliable and certified, the bill could lead to more effective oversight of economic development agreements. This could help state officials make better-informed decisions about the continuation or alteration of these agreements and improve the overall trust in the state’s economic initiatives. Furthermore, it aims to reduce potential abuses or misreporting of data that may previously have gone unchecked.

Summary

SB829 aims to enhance the verification process for information provided to the comptroller regarding compliance with agreements made under the Texas Economic Development Act. Specifically, the bill modifies Section 313.032 of the Tax Code to require that the reports submitted by recipients of tax limitations be based on data that is certified by these recipients. This additional requirement is intended to bolster the accuracy and reliability of the information being reported, thereby reinforcing accountability among recipients benefiting from financial agreements with the state.

Contention

The discussions around SB829 have highlighted potential points of contention regarding the balance between oversight and operational flexibility for businesses. Proponents argue that tighter verification processes are necessary to ensure that taxpayer funds are used efficiently and that promises made in economic deals are upheld. However, opponents may raise concerns that such requirements could impose additional administrative burdens on businesses, particularly smaller enterprises that may struggle to comply with more stringent reporting requirements. This tension between accountability and practicality will be crucial in any legislative debates surrounding the bill.