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A BILL TO BE ENTITLED
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AN ACT
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relating to a study of the effect on this state's economy of |
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replacing all state and school district ad valorem tax revenue with |
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revenue from a transaction tax. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. (a) The comptroller shall conduct a study to |
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determine the effect on this state's economy of imposing a |
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transaction tax that: |
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(1) taxes every transaction that occurs in this state; |
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and |
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(2) is electronically collected by financial |
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institutions using banking data systems that are used in other |
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economies for that purpose. |
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(b) Before collecting information for purposes of the |
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study, the comptroller shall seek assistance from leading experts |
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on automated payment transaction taxes to establish parameters, |
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information collection techniques, and reasonable legal |
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assumptions for the study. Experts from whom the comptroller must |
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seek assistance include: |
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(1) persons who pioneered the concept of the |
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transaction tax; |
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(2) persons who direct national projects on |
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transaction taxes; and |
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(3) a professor of law and a professor of economics |
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from public institutions of higher education in this state. |
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(c) The comptroller shall use the parameters, techniques, |
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and legal assumptions established under Subsection (b) of this |
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section to determine the tax base available for a transaction tax by |
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collecting information from financial institutions in this state. |
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Information collected must include statistics regarding the total |
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number of debits that occur during a prescribed period from |
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accounts at those institutions that are held by residents of this |
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state or by businesses domiciled in this state. The comptroller has |
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the authority to collect, and, notwithstanding any other law, those |
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institutions shall provide, the information described by this |
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subsection. |
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(d) The comptroller may not incur costs in excess of |
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$200,000 in conducting the study. |
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(e) The comptroller and the persons described by Subsection |
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(b) of this section shall analyze the information collected under |
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Subsection (c) of this section and prepare a report that: |
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(1) describes the parameters, techniques, and legal |
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assumptions established under Subsection (b) of this section that |
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were used in conducting the study; |
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(2) estimates the tax base available for a transaction |
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tax, based on information collected under Subsection (c) of this |
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section; |
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(3) states the transaction tax rate necessary to |
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achieve revenue neutrality, assuming that the transaction tax was |
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imposed at that rate and all other state taxes and school district |
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ad valorem taxes were abolished; and |
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(4) analyzes the effects on this state's economy of |
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imposing the transaction tax at the rate specified by Subdivision |
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(3) of this subsection and abolishing all other state taxes and |
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school district ad valorem taxes. |
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(f) Not later than July 1, 2010, the comptroller shall |
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submit to the legislature the report prepared under Subsection (e) |
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of this section. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2009. |