Honorable Dennis Bonnen, Chair, House Committee on Ways & Means
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
SB752 by Bettencourt (relating to the repeal of the inheritance tax.), Committee Report 2nd House, Substituted
No fiscal implication to the State is anticipated.
The bill would repeal Chapter 211 of the Tax Code to eliminate inheritance taxes, and would amend Subsection 124.001(3) of the Estates Code to make corresponding changes.
The state's inheritance tax has collected no significant revenue since fiscal 2005. As such, repealing this tax is expected to have no fiscal impact.
The bill would take effect on September 1, 2015.
Local Government Impact
No fiscal implication to units of local government is anticipated.