LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE 74th Regular Session February 22, 1995 TO: Honorable Tom Craddick IN RE: Committee Substitute Committee on Ways & Means for House of Representatives House Joint Austin, Texas Resolution No. 20 FROM: John Keel, Director In response to your request for a Fiscal Note on House Joint Resolution No. 20 (proposing a constitutional amendment to limit the tax rate on the income and stated capital or asset components of the franchise tax) this office has determined the following: No fiscal implication to the State or units of local government is anticipated, other than the cost of publication. The cost to the state for publication of the resolution is $90,000. The estimate assumes that the tax rate limit imposed by the resolution would not apply to oil production and natural gas production taxes. If the limit were to apply to these taxes, adoption of the proposed amendment would result in significant revenue losses to the state. Source: LBB Staff: JK, DF