Sen. Hegar
The Texas Senate approved a pair of tax-break bills worth $869 million Tuesday night, plus a measure to cap the money that is collected for specific purposes such as trauma care but instead used to help balance the budget.
House Bill 500 would make permanent a small-business franchise tax break that exempts firms with $1 million or less in annual revenue. As amended in the Senate, it also would give a 5 percent tax break in the franchise tax rate for two years.
Its passage would be contingent on passage of Senate Joint Resolution 1, a water funding proposal that?s part of a state budget deal, and on the passage of electric fee refunds championed by Senate Finance Committee Chairman Tommy Williams, R-The Woodlands.
The measure by Rep. Harvey Hilderbran, R-Kerrville, and Sen. Glenn Hegar, R-Katy, returns to the House for consideration of amendments.
House Bill 800 would give a research-and-development tax break worth $239 million to businesses. The measure by Rep. Jim Murphy, R-Houston, and Sen. Bob Deuell, R-Greenville, goes to Gov. Rick Perry for consideration. Perry has called for tax relief this session.
The Senate also approved House Bill 6 by Rep John Otto, R-Dayton, and Williams to rein in the use of so-called dedicated funds to balance the budget.
It?s a priority of state leaders to tackle the billions of dollars that have been collected for purposes ranging from trauma care to helping needy people pay electric bills but that instead have remained unspent. As long as the money isn?t spent, lawmakers can use it to help certify the budget as balanced.
The current two-year budget relies on about $5 billion in unspent general revenue dedicated funds. The bill as approved by the House would have capped that at $4 billion.
The Senate version of the bill would initially cap it at $4.2 billion. Under an amendment by Sen. Kirk Watson, D-Austin, that would be lowered by $800 million every two-year budget period, reaching $1 billion starting in 2022.
The lower cap would be contingent on passage of SJR 1 and the electric-fee refund.
The bill returns to the House for consideration of Senate changes.
Source: http://blog.mysanantonio.com/texas-politics/2013/05/senate-racks-up-tax-relief/
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