LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE 74th Regular Session February 27, 1995 TO: Honorable Tom Craddick, Chair IN RE: House Bill No. 624 Committee on Ways & Means By: Romo House of Representatives Austin, Texas FROM: John Keel, Director In response to your request for a Fiscal Note on House Bill No. 624 (Relating to the payment, and procedures to enforce payment, of taxes and fees collected by the comptroller; providing penalties.) this office has determined the following: This bill would amend the Tax Code to state that a person required to collect, truthfully account for, or pay over a tax who fails to do so would be liable for a penalty equal to the total amount of tax, in addition to any other penalty provided by law. Also, the Comptroller would be authorized to impose a penalty of five percent of tax due on a person who is required to remit the tax to the Comptroller by means of electronic funds transfer and does not do so. The probable fiscal implication of implementing the provisions of the bill during each of the first five years following passage is estimated as follows: Fiscal Probable Revenue Probable Revenue Year Gain to the Gain to the State General Revenue Highway Fund 006 Fund 001 1996 $21,800,000 $1,000,000 1997 21,800,000 1,000,000 1998 21,800,000 1,000,000 1999 21,800,000 1,000,000 2000 21,800,000 1,000,000 Similar annual fiscal implications would continue as long as the provisions of the bill are in effect. No fiscal implication to units of local government is anticipated. Source: Comptroller of Public Accounts LBB Staff: JK, SM, DF