Texas HB698 proposes the abolition of ad valorem taxes and establishes a joint interim committee to study the replacement of lost tax revenue with.

Texas HB698 aims to abolish ad valorem taxes and creates a joint interim committee to explore how to replace the lost tax revenue with local sales and use taxes. The committee, composed of five members from the House of Representatives and five senators, will study the necessary sales and use tax rates, the potential for redistribution of sales and use tax revenue, and other issues related to the abolition of ad valorem taxes. The committee must submit a report by December 1, 2026, and will be abolished on January 1, 2027.

Texas HB698 proposes the abolition of ad valorem taxes and establishes a joint interim committee to study the replacement of lost tax revenue with.

Texas HB698 aims to abolish ad valorem taxes and creates a joint interim committee to explore how to replace the lost tax revenue with local sales and use taxes. The committee, composed of five members from the House of Representatives and five senators, will study the necessary sales and use tax rates, the potential for redistribution of sales and use tax revenue, and other issues related to the abolition of ad valorem taxes. The committee must submit a report by December 1, 2026, and will be abolished on January 1, 2027.