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The Robin Hood Plan is a colloquialism given to a provision of Texas Senate Bill 7 (73rd Texas Legislature) (the provision is officially referred to as "recapture"), originally enacted by the U.S. state of Texas in 1993 (and revised frequently since then) to provide equity of school financing within all school districts in the state of Texas.
Depreciation recapture is the USA Internal Revenue Service procedure for collecting income tax on a gain realized by a taxpayer when the taxpayer disposes of an asset that had previously provided an offset to ordinary income for the taxpayer through depreciation.
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 tax rate that you’ll pay on passive income depends heavily on the specific kind of income and, sometimes, how long you’ve held the asset. ... subject to the depreciation recapture noted above.
Despite property taxes increasing since the last legislative session, Patrick and Bettencourt claim that in 2023, “the Texas Senate delivered a tax cut of $1,266.30 for the average homeowner.
The 79th Texas Legislature met from 11 January to 30 May 2005 in regular session, and in consecutive called sessions from 21 June to 20 July (First called session) and 21 July to 19 August 2005 (Second called session). It met again in 2006 from 17 April to 16 May.