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Relating to the extension of the expiration of certain parts of the Texas Economic Development Act.
Estimated two-year net impact to general revenue related funds for HB 4242, Committee Report 1st house, substituted: an impact of $0 through the biennium ending August 31, 2023.
However, the cost to the Foundation School Program increases to ($98.5 million) in fiscal year of 2031.
The bill would make no appropriation but could provide the legal basis for an appropriation of funds to implement the provisions of the bill.
Texas Action opposes HB 4242 because it continues the growth of government and hinders free markets. A better solution to remedy the problem of high property taxes, which is the stated purpose for Chapter 313, would be to start with limiting the tremendous increases of property taxes in general, instead of trying to engineer economic development through artificial means.