The Comptroller’s office has updated A Field Guide to the Taxes of Texas (PDF). The report provides a graphic-rich overview of major state and local taxes, including historical collections as well as estimates of future revenue growth. The value of exemptions and other reductions to tax liability for the six major state taxes are also detailed.
The guide also links to in-depth state financial publications, offers an overview of the budget process and outlines the basics of local taxes.
Read/download/print the Field Guide here (PDF).
Governor Greg Abbott recently appointed TSCPA member, James L. “Jim” Minge, CPA, to the Credit Union Commission for a term set to expire on February 15, 2023. Minge, of Arlington, is the president and CEO of the Texas Trust Credit Union and a member of the Fort Worth Chapter of the Texas Society of CPAs. Congratulations!
Longtime TSCPA member, K. Michael Conaway, CPA, who represents the 11th Congressional District in Texas (which covers 29 counties including the cities of Midland, Odessa and San Angelo), is receiving bipartisan praise for his leadership of the House Intelligence Committee.
Members of the committee have overcome bitter discord that threatened to undermine the committee probe under the tenure of Rep. Devin Nunes (R-Calif.), who after being accused of coordinating with the White House, handed over leadership of the investigation to Rep. Conaway earlier this month. Democrats on the committee are singing the praises of the conservative Conaway as “very fair-minded” and “very cooperative,” with one — Rep. Mike Quigley (D-Ill.) — even noting he had “nothing negative at all” to say about him.
Read the Washington Post article here.
TSCPA’s legislation clarifying that governmental entities in Texas would be required to issue financial reports that are in accordance with GAAP as established by the Governmental Accounting Standards Board passed the Texas Senate yesterday with a 31-0 vote.
In 2007, the Texas Legislature passed legislation permitting state and local governments to opt out of complying with GAAP as it relates to postemployment benefits.
TSCPA asserts that it is not in the public interest to allow accounting methods other than GAAP. Obligations for future benefits should be reported so the public understands the size and cost of the obligation.
Additionally, CPA/Auditors will not issue unqualified opinions on audited financial statements that are not in accordance with GAAP. Non-compliance with GAAP also has the potential to affect the bond ratings for governmental entities.
The companion bill, HB1930, is set on the Texas House Calendar, hopefully receiving a positive vote next week.
Thanks to Senator Perry and Representative Frullo for filing the bills and to TSCPA’s key persons for contacting their legislators encouraging their support.
Adrian Van Zelfden, CPA, TSCPA and Austin Chapter member was honored recently with the passage of HCR66. Congratulations to Adrian!
TSCPA and Houston Chapter member, Mike Collier, announced last week that he is “assembling a campaign team to run against Dan Patrick for Texas Lt. Governor.” Collier, a Democrat, is stepping down from his position as Democratic Party finance chairman to start his campaign. Click here for the Tribune’s coverage.