Texas House Speaker Joe Straus’ interim charges for the House Ways & Means Committee include providing a report by December 1, 2012 on tax issues, some of which could affect insurance and financial advisors.

• The current franchise (margins) tax, a revised franchise tax and a possible new business tax will be scrutinized and evaluated.
• The impact of the state’s major taxes as well as tax exemptions, exclusions and credits on economic growth, capital investment, and job creation in Texas will be determined.
• An analysis of increases in Texas’ overall debt and the role that debt plays in the state’s fiscal management in addition to recommended strategies to reduce the state’s debt and the calculation of the constitutional debt limit will be compiled.
• An analysis of appraisal district operations to determine whether uniform standards and procedures for appraisal of property for ad valorem taxes are being applied will be compiled.
• An evaluation will examine whether property tax notices effectively inform taxpayers about the taxes they pay and who is responsible for deciding how much they pay.