Texas Comptroller Updates Field Guide With Legislature’s Tax Changes, Repeals
The 84th Legislature left the Capitol two months ago, and Texas taxpayers can expect to see changes take effect very soon. See how franchise tax rate changes and the repeal of eight — yes, eight — smaller taxes alter the state’s tax system.
As a result, the Comptroller’s popular Field Guide to the Taxes of Texas has been updated and is available in a printable PDF here (tablet friendly design). This is an in-depth publication of state financial information, which offers an overview of the budget process and outlines the basics of local taxes. This graphic-rich guide provides an overview of the history and rates of taxes that generate $50 billion in annual receipts. It also includes estimates of future revenue and allocations, and details the value of exemptions and discounts on six high-profile taxes that account for almost 90 percent of Texas tax revenue.
The Comptroller’s office has also updated the local property tax section, which includes 2014 tax levies by cities, counties, schools and special purpose districts, as well as the latest rate data averages.
