Honorable Steve Ogden, Chair, Senate Committee on Finance
John S O'Brien, Director, Legislative Budget Board
SB540 by Van de Putte (Relating to a study of the fiscal impact of adjusting the amount of the ad valorem tax exemption to which disabled veterans and the surviving spouses and children of disabled veterans and certain members of the armed forces are entitled.), As Introduced
No significant fiscal implication to the State is anticipated.
The bill would require the Comptroller to study the fiscal impact on state and local governments if the veterans' exemptions required by Section 11.22 of the Tax Code had been indexed for homestead value inflation over the preceding 10 years. Not later than December 1, 2012, the Comptroller would be required to report the results of the study to the Lieutenant Governor, the Speaker of the House, and the presiding officers of the standing committees of the Legislature with primary jurisdiction over matters affecting tax revenue and veterans affairs.
The study would provide the Legislature with historical information about the fiscal impact on state and local governments if veterans' exemptions had been indexed for homestead value inflation. The bill would not affect taxable values, tax rates, or any other variable affecting tax levies, and consequently would not cause any fiscal impact on the state or units of local government.
The bill would take effect immediately upon enactment, assuming that it received the requisite two-thirds majority votes in both houses of the Legislature. Otherwise, it would take effect September 1, 2011.
Local Government Impact
No fiscal implication to units of local government is anticipated.