Texas 83rd Session Update: HB 40
http://www.legis.state.tx.us/
House Bill 40 is in regards to sales taxes and possible exemption periods for clothing, footwear, and other necessities for children. The bill would be an amendment to Chapter 151 of the Texas State Tax Code. It would provide a second three day period where school supplies and necessities for children would be tax exempt. Upon enactment, the bill would take effect instantly. The fiscal note linked takes a close look at the financial implications of this proposed second exemption period. It estimates revenue loss at around 5,117,000 dollars statewide. This projection increases yearly afterwards, an effect of sizeable population increase.