Bill

HB 1000

86(R) - 2019
House International Relations & Economic Development
House International Relations & Economic Development

Contact the Author

Chris Paddie

Phone:

512-463-0556

Capitol Office:

E2.502

Email:

Vote Recommendation

No
  • Negative
  • Negative
  • Neutral
  • Negative
  • Negative

Author(s)

Chris Paddie
Poncho Nevarez
Dade Phelan
Four Price

Bill Caption

Relating to rural and opportunity funds and insurance tax credits for certain investments in those funds; imposing a monetary penalty; authorizing fees. 

Fiscal Notes

A negative impact to the state of $35,000,000 is anticipated. 

Bill Analysis

HB 1000 would require the Governor's Office of Economic Development and Tourism to approve "rural and opportunity funds".  Special tax credits would be given to investors in qualified rural small businesses located in qualified opportunity zones. The purpose would be to encourage investment in rural small businesses in order to boost job creation and retention.

Vote Recommendation Notes

Texas Action recommends opposing HB 1000 because it violates our free market and limited government principles. It is not the proper role of the state to give special tax incentives in order to encourage particular economic activity. This picks winners and losers in the marketplace and generally creates negative but foreseeable unintended consequences. The state should create a level playing field by having taxes that are low-rate and broad based, and by having a regulatory environment that is light and allows the free market to flourish without tipping the scale to benefit favored businesses, industries, or geographic regions.  

Organizations Supporting

Advantage Capitol

Organizations Opposed

Center for Public Policy Priorities

Contact the Author

Chris Paddie

Phone:

512-463-0556

Capitol Office:

E2.502

Email: