Abstract: The subject of the research is the theoretical and methodological foundations of regional implementation of fiscal policy aimed at the development of tax capacity of the Russian Federation regions. The object of the research is the Russian tax system, regional tax policy and domestic and foreign experience in tax regulation of territorial development. The authors examine such topics as the economic and functional contents of the regional tax policy. They make a reasonable conclusion that effective regional tax policy should contribute to: stabilization of production and economic growth, equalizing of conditions of socio-economic and financial development of the region and ensuring full implementation of the principles of the tax system and fiscal federalism in Russia based on the common economic and fiscal space principle, establishment and maintenance of financial and economic guarantees of local self-government, satisfaction of the need for cash of all levels of government sufficient for economic and social policy as well as implementation of assigned functions and tasks  by relevant authorities. The methodological basis of the research involves the dialectical method of research, principles of the historical, logical, systematic and comparative analysis  and induction/deduction methods. The theoretical basis of the research included scientific researches of domestic and foreign economists on the matter, periodical literature, data provided by expert analytical centers, institutions, committees and commissions of representative and executive authorities of different levels on axation and economic issues. The conclusion is that the improvement of the effectiveness of the regional tax policy affects the volume of tax revenues to the budgets of the Federation and, ultimately, contributes to the development of taxable capacity of territories. The authors also make a reasonable conclusion that the main aim of the regional tax policy is to increase regional taxable capacity through reinforcing the revenue base of regional budgets for the implementation of expenditure commitments to ensure the economic growth of the Russian Federation in terms of fiscal federalism. Special attention is paid to the principles of the regional tax policy which, according to the authors, should be divided into general and specific principles. The authors describe decomposition of the structural elements of the regional tax policy and define the basic reasons for the low revenue base of regional budgets as well as offer measures aimed at the development of taxable capacity of territories.