|Committee: Transportation and Energy||Sponsor: England|
|Analyst: John Friedenreich||Date: 03/17/2021|
House Bill 463 as passed the House of Representatives authorizes the establishment of joint road improvement authorities and provides for the powers of authorities. The bill provides that: (1) any bonds, and the income from bonds, by these authorities are exempted from state income tax; (2) all property of the authority are exempt from all taxation; and (3) exempts road projects of the authority from sales and use, and any other similar excise taxes.
This bill could reduce potential tax receipts to the State General Fund, the Education Trust Fund, and local government funds of the affected counties and municipalities by an undetermined amount by allowing these authorities to be exempt from certain taxes and fees, dependent upon the number and activities of authorities created pursuant to this bill.
|Gerald H. Allen, Chair Person|
Transportation and Energy