Subscribe to receive our Floor Reports covering all the action on the Texas House and Senate floor!
Relating to the franchise tax treatment of certain loans and grants made under the federal Coronavirus Aid, Relief, and Economic Security Act.
Estimated Two-year Net Impact to General Revenue Related Funds for HB1195, Committee Report 1st House, Substituted: an impact of $0 through the biennium ending August 31, 2023.
Additionally, the bill will have a direct impact of a revenue loss to the Property Tax Relief Fund of ($211,500,000) through the end of the 2022-23 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.
HB 1195 would amend the Tax Code to stipulate that loans or grants received through the federal Paycheck Protection Program and used for qualifying purposes do not count as revenue for the purpose of determining franchise tax liability.