TO: | Honorable Rene Oliveira, Chair, House Committee on Ways & Means |
FROM: | John S. O'Brien, Director, Legislative Budget Board |
IN RE: | HB754 by Gonzalez Toureilles (Relating to an exemption from the tax imposed on the rental of a motor vehicle under certain circumstances.), As Introduced |
Fiscal Year | Probable Net Positive/(Negative) Impact to General Revenue Related Funds |
---|---|
2010 | ($27,180,000) |
2011 | ($28,239,000) |
2012 | ($29,314,000) |
2013 | ($30,433,000) |
2014 | ($31,596,000) |
Fiscal Year | Probable Revenue (Loss) from General Revenue Fund 1 |
---|---|
2010 | ($27,180,000) |
2011 | ($28,239,000) |
2012 | ($29,314,000) |
2013 | ($30,433,000) |
2014 | ($31,596,000) |
The bill would amend Chapter 152 of the Tax Code, relating to an exemption from motor vehicle taxes imposed on gross rental receipts.
The bill would create a new exemption from the tax on gross rental receipts for the rental of a motor vehicle by a person whose motor vehicle was unavailable due to theft or accident. The tax that would have been remitted on gross rental receipts without the exemption would be considered to have been remitted for purposes of collecting the minimum gross rental receipts tax.
The Comptroller would adopt necessary rules regarding the exemption, including rules specifying any recordkeeping requirements.
The bill would take effect September 1, 2009.
Some local governments are authorized to impose a short-term motor vehicle sales and use tax to support sports and community venues. Because exemptions from the local tax mirror the state imposed exemptions, any impact at the state level would also be felt at the local level. This effect cannot be determined.
Source Agencies: | 304 Comptroller of Public Accounts
|
LBB Staff: | JOB, MN, SD, KK
|