Bill Text: TX HB4453 | 2021-2022 | 87th Legislature | Introduced
Bill Title: Relating to imposing a state estate tax and using the revenue generated by the tax to provide payments to parents.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2021-03-29 - Referred to Ways & Means [HB4453 Detail]
Download: Texas-2021-HB4453-Introduced.html
87R12407 SMT-D | ||
By: Talarico | H.B. No. 4453 |
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relating to imposing a state estate tax and using the revenue | ||
generated by the tax to provide payments to parents. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. The heading to Subtitle J, Title 2, Tax Code, is | ||
amended to read as follows: | ||
SUBTITLE J. ESTATE [ |
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SECTION 2. Subtitle J, Title 2, Tax Code, is amended by | ||
adding Chapter 212 to read as follows: | ||
CHAPTER 212. ESTATE TAX | ||
SUBCHAPTER A. GENERAL PROVISIONS | ||
Sec. 212.0001. DEFINITIONS. In this chapter: | ||
(1) "Internal Revenue Code" means the Internal Revenue | ||
Code of 1986 in effect on January 1, 2021, not including any changes | ||
made by federal law after that date, but including any regulations | ||
adopted under that code applicable to the tax year to which the | ||
provisions of the code in effect on that date applied. | ||
(2) "Taxable estate" has the meaning assigned by | ||
Section 2051, Internal Revenue Code, except that no deduction from | ||
the value of the gross estate is allowed for the amount of tax | ||
imposed by this chapter. | ||
SUBCHAPTER B. DETERMINATION OF TAX DUE | ||
Sec. 212.0051. TAX ON DECEDENT'S ESTATE. (a) A tax is | ||
imposed on the estate of each person who dies while a resident of | ||
this state. | ||
(b) The rate of the tax is five percent of the value of the | ||
taxable estate. | ||
SUBCHAPTER C. COLLECTION AND PAYMENT OF TAX; ENFORCEMENT | ||
Sec. 212.0101. ADMINISTRATION. The comptroller shall adopt | ||
rules to implement, administer, and enforce the tax under this | ||
chapter. | ||
Sec. 212.0102. PENALTIES. The comptroller may impose | ||
penalties to enforce this chapter. | ||
SUBCHAPTER C. DISPOSITION OF REVENUE | ||
Sec. 212.0151. PAYMENTS TO PARENTS. (a) The amount of the | ||
proceeds from the collection of the tax imposed by this chapter | ||
shall be deposited to the credit of an account in the general | ||
revenue fund administered by the comptroller. Money in the account | ||
may be appropriated to the comptroller only for the purpose of | ||
providing payments under this section. | ||
(b) A person who gives birth to or adopts a child in this | ||
state is entitled to a one-time payment in an amount set by the | ||
comptroller if money is made available to the comptroller for that | ||
purpose. The comptroller shall set the amount of the initial | ||
payment authorized under this section in the amount of $1,000. | ||
(c) On January 1 of each year, the comptroller shall | ||
increase the amount of the payment authorized under this section by | ||
an amount equal to the amount of the payment authorized under this | ||
section in the preceding year multiplied by the percentage | ||
increase, if any, in the Consumer Price Index for Urban Wage Earners | ||
and Clerical Workers (CPI-W) published by the United States Bureau | ||
of Labor Statistics or its successor in function during the | ||
preceding calendar year. | ||
(d) The comptroller shall adopt rules for distributing the | ||
payments described by this section. | ||
SECTION 3. Chapter 212, Tax Code, as added by this Act, | ||
applies only to the estate of a person who dies while a resident of | ||
this state on or after the effective date of this Act. | ||
SECTION 4. This Act takes effect January 1, 2022. |