Texas HB3037 proposes a temporary decrease in state sales and use tax rates under specific conditions.

Texas HB3037 amends the Tax Code to allow for a temporary decrease in state sales and use tax rates. The comptroller must determine the tax rate that results in the estimated ending certification balance for the state fiscal biennium ending August 31, 2027, equaling 50 percent of the amount determined for the biennium ending August 31, 2025. If the condition is met, the tax rate for the 2027 biennium is set at the calculated rate. This change expires on December 1, 2027.

Texas HB3037 proposes a temporary decrease in state sales and use tax rates under specific conditions.

Texas HB3037 amends the Tax Code to allow for a temporary decrease in state sales and use tax rates. The comptroller must determine the tax rate that results in the estimated ending certification balance for the state fiscal biennium ending August 31, 2027, equaling 50 percent of the amount determined for the biennium ending August 31, 2025. If the condition is met, the tax rate for the 2027 biennium is set at the calculated rate. This change expires on December 1, 2027.