TO: | Honorable Rene Oliveira, Chair, House Committee on Ways & Means |
FROM: | John S. O'Brien, Director, Legislative Budget Board |
IN RE: | HB411 by Isett (Relating to motor vehicle sales and use taxes.), As Introduced |
The bill will have a direct impact of a revenue loss to the Property Tax Relief Fund of $25,274,000 for the 2010-11 biennium. Any loss to the Property Tax Relief Fund will have to be made up with General Revenue of the same amount to fund property tax relief.
Fiscal Year | Probable Net Positive/(Negative) Impact to General Revenue Related Funds |
---|---|
2010 | $0 |
2011 | $0 |
2012 | $0 |
2013 | $0 |
2014 | $0 |
Fiscal Year | Probable Revenue (Loss) from Property Tax Relief Fund 304 |
Probable Revenue Gain from State Highway Fund 6 |
Probable Revenue (Loss) from Counties |
---|---|---|---|
2010 | ($12,323,000) | $316,000 | ($632,000) |
2011 | ($12,951,000) | $267,000 | ($668,000) |
2012 | ($13,391,000) | $208,000 | ($694,000) |
2013 | ($13,860,000) | $145,000 | ($722,000) |
2014 | ($14,345,000) | $75,000 | ($751,000) |
The bill would amend the Chapter 152 of the Tax Code as it relates to the computation of motor vehicle sales and use taxes.
The bill would repeal the standard presumptive value method of calculating motor vehicle sales and use tax due on the sale of a motor vehicle in a private-party transaction. The section of the law dedicating the motor vehicle sales and use taxes collected in these transactions to the Property Tax Relief Fund 0304 would also be repealed.
The bill would take effect September 1, 2009.
Source Agencies: | 304 Comptroller of Public Accounts, 601 Department of Transportation
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LBB Staff: | JOB, MN, SD, KK
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