Texas House Bill HB3060

Texas 2021 - 87th Regular

Caption

Relating to disclosure by the comptroller to the purchaser of a business of the amount of tax due.

Impact

By requiring the comptroller to respond to such requests within a specified timeframe—60 days after receiving the request or 90 days at the latest—the bill facilitates quicker access to critical financial information for business purchasers. This change is expected to enhance the financial security of buyers by ensuring that they are aware of potential tax dues before finalizing the purchase. It also serves to protect the integrity of the tax collection system by ensuring timely communication between the comptroller and business purchasers.

Summary

House Bill 3060 aims to streamline the process by which purchasers of businesses can obtain information regarding tax obligations through the comptroller's office. The bill amends the Texas Tax Code to clarify the disclosure process, allowing potential buyers to request a certificate from the comptroller that indicates whether any tax is due from the seller. This initiative addresses the need for transparency in business transactions, particularly in the context of tax liabilities that could impact the decision to purchase a business.

Contention

While the bill primarily aims to simplify the tax disclosure process, potential areas of contention may arise concerning the administrative burden placed on the comptroller’s office to fulfill these requests within the stipulated timelines. Stakeholders may debate whether the prescribed deadlines are feasible given current resources and processes within the comptroller's office or if this could lead to inefficiencies or backlogs.

Further_notes

Overall, HB3060 represents a legislative effort to modernize and clarify the tax disclosure landscape for business transactions in Texas. By ensuring that purchasers can easily ascertain tax liabilities associated with potential buys, the bill seeks to foster a more transparent and informed marketplace.