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For the 10 years of the tax benefit period, reduced local school district revenues are substantially replaced with state funds through the state public school finance system. [4] The Texas Tax Code gives the Texas Comptroller's office responsibility and authority to adopt rules necessary for the implementation and administration of the program. [5]
The Texas Administrative Code contains the compiled and indexed regulations of Texas state agencies and is published yearly by the Secretary of State. [8] The Texas Register contains proposed rules, notices, executive orders, and other information of general use to the public and is published weekly by the Secretary of State. [9]
Because of the uncertainty surrounding the final amounts of these transactions, they are difficult to evaluate for the purpose of tax liability. Section 483 of the Internal Revenue Code provides descriptions for the handling of contingent payments and interest on contingent payments. [2]
The cap, which lasts for three years, limits a property’s appraised value for tax purposes. Texas homestead exemption for school property taxes is $40,000. This bumps it up by $60,000.
The Substantial Presence Test (SPT) is a criterion used by the Internal Revenue Service (IRS) in the United States to determine whether an individual who is not a citizen or lawful permanent resident in the recent past qualifies as a "resident for tax purposes" or a "nonresident for tax purposes"; [1] [2] it is a form of physical presence test.
Tax consolidation, or combined reporting, is a regime adopted in the tax or revenue legislation of a number of countries which treats a group of wholly owned or majority-owned companies and other entities (such as trusts and partnerships) as a single entity for tax purposes. This generally means that the head entity of the group is responsible ...
The corporate tax rate as well as the tax amortization period are defined by country-specific tax legislations. The tax amortization period might be different from the useful life used in accounting. For example, while trademarks can have an indefinite useful life for accounting purposes, the tax legislation of the United States establishes a ...
The 78th Texas Legislature met from January 14 to June 2, 2003 in regular session, and in three called sessions in 2003, and a fourth called session in 2004. All members of the House of Representatives and all members of the Senate (15 to two-year terms, 16 to four-year terms) were elected in the 2002 general election, with seats apportioned among the 2000 United States census.