TO: | Honorable Tommy Williams, Chair, Senate Committee on Finance |
FROM: | Ursula Parks, Director, Legislative Budget Board |
IN RE: | HB213 by Hilderbran (Relating to the $1 million total revenue exemption for the franchise tax.), As Engrossed |
Additionally, the bill will have a direct impact of a revenue loss to the Property Tax Relief Fund of ($164,032,000) for the 2014-15 biennium. Any loss to the Property Tax Relief Fund must be made up with an equal amount of General Revenue to fund the Foundation School Program.
Revenue losses would increase substantially in future biennium due to the phase-in of a higher total revenue threshold for elimination of franchise tax liability. When the highest threshold becomes law in FY 2022, the bill will have a direct impact of a revenue loss to the Property Tax Relief Fund of ($1,879,831,000) in the 2022-23 biennium.
Fiscal Year | Probable Net Positive/(Negative) Impact to General Revenue Related Funds |
---|---|
2014 | $0 |
2015 | $0 |
2016 | $0 |
2017 | $0 |
2018 | $0 |
2019 | $0 |
2020 | $0 |
2021 | $0 |
2022 | $0 |
2023 | $0 |
Fiscal Year | Probable Revenue (Loss) from Property Tax Relief Fund 304 |
---|---|
2014 | ($81,848,000) |
2015 | ($82,184,000) |
2016 | ($506,510,000) |
2017 | ($497,525,000) |
2018 | ($697,042,000) |
2019 | ($704,012,000) |
2020 | ($829,772,000) |
2021 | ($838,070,000) |
2022 | ($935,239,000) |
2023 | ($944,592,000) |
Source Agencies: | 304 Comptroller of Public Accounts
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LBB Staff: | UP, KK, SD
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