Research, Analysis, Posts, and Releases
TPTRP - The Sales and Use Tax Act and Tax Abolition and Conformity Act
The Texas Property Tax Replacement Plan will be implemented through several pieces of legislation, starting with the Sales and Use Tax act, which implements the plan fully, and the Tax Abolition and Conformity act, which updates all existing legislation to remove property taxes and replaces funding systems with the new Sales and Use Tax system. This article breaks down the details.
The Texas Property Tax Replacement Plan - Constitutional Amendment
The Texas Property Tax Replacement Plan consists of the constitutional amendment for abolishing the property tax system, replacing it with a sales and use tax on all non cost of living sales, and implementing citizen control over tax rate increases for each taxing entity in Texas. This article walks you through each element of the amendment.
TPTRP - The Surplus Waterfall and Dedicated Funds
The Texas Property Tax Replacement Plan (TPTRP) comes with a key citizen protection - this consists of a surplus waterfall where entities are required to save surplus funds into predefined funds designed to remove dependence on bonds, and al return unused taxes back to the citizens. Preventing government bloat and overspending with additional citizen protections.
TPTRP - The Transition Board, The Transition Fund, and the Transition Plan
This article provide the legislation and explanation of the Texas Property Tax Replacement Plan handling of the transition from the current property tax based system to the new sales tax system. It explains the establishment of the transition fund, the management board, and the transition plan.
Taxing the Invisible Transaction — TPTRP Foreign Entity Sales Tax Framework
The Texas Property Tax Replacement Plan abolishes all property taxes, Franchise taxes, and BPP taxes, and replaces them with a 3.25% starting sales tax rate on all non cost of living purchases, saving millions for Texas based businesses and $7,000 for the average Texas household. It will also make sure that all foreign businesses collect an remit the sales tax in order to operate here - ending their special exemptions permanently.
How the Property Tax Replacement Plan Handles Bonds and Protects Texans
The Texas Property Tax Replacement Plan is designed to constitutionally guarantee bond holders under better terms through the replacement sales and use tax, and adds protections for citizens - including giving them first rights to purchase bonds they approve for their jurisdictions.
Replacing Texas Property Taxes - Real Savings for Texas Families and Renters
Eliminating property taxes in Texas can be done, replacing it with a Sales Tax system that applies to all sales transactions excluding only cost of living purchases. This increases the tax base while reducing the tax burden on the lowest income families in the state, and saving the average Texas household over $7,000 a year.
The TPTRP - The Tier Structure and Rate Coverage
The Texas Property Tax Replacement Plan utilizes the existing structure of the Texas Sales and Use Tax system, but better organizes it into 5 tiers, creating a structure for the absorption of Special Districts into their cities and counties. This article provides demonstration of how the new Sales Tax Rates cover all tax replacement obligations for each level.