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TX HB2137
Bill
Status
1/28/2025
Primary Sponsor
Salman Bhojani
Click for details
AI Summary
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Reduces the state sales and use tax rate from 6.25% to 5.25% for purchases paid using a decentralized blockchain network with smart contract functionality for instant payments
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The reduced tax rate applies only to sales made between January 1, 2026, and January 1, 2028
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Caps the total tax reduction benefit at $400,000 per calendar year; once this limit is reached, the standard tax rate applies to remaining blockchain transactions
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Requires permit holders accepting blockchain payments to report qualifying sales taxes daily until the annual cap is reached, with the comptroller notifying them when the limit is hit
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The reduced rate provision automatically expires on January 1, 2028
Legislative Description
Relating to a temporary decrease in the rates of state sales and use taxes applicable to certain sales the payment for which is made using a decentralized network in the blockchain.
Taxation
Last Action
Referred to Ways & Means
3/14/2025