| TO: | Honorable Steve Ogden, Chair, Senate Committee on Finance |
| FROM: | John S. O'Brien, Deputy Director, Legislative Budget Board |
| IN RE: | SJR10 by Shapiro (Proposing a constitutional amendment dedicating certain increases in state tax revenue to public education.), As Introduced |
The revenue that would be deposited to the Fund cannot be determined at this time.
The cost to the state for publication of the resolution is $99,767.
The bill would propose a constitutional amendment to dedicate portions of certain franchise tax; motor vehicle sales and use taxes; cigarette tax; and other tobacco products tax revenues for public education purposes.
The proposed amendment would require that revenue increases in the franchise tax; motor vehicle sales and use taxes; cigarette tax; and other tobacco products taxes created by legislation enacted by the 79th Legislature, 3rd Called Session, be dedicated to public education. This proposed amendment would establish the dedication of tax collections beginning on and continuing after September 1, 2007.
The proposed amendment would be submitted to voters at an election to be held on November 7, 2006, if HB 3, HB 4, and HB 5, or other similar legislation, are passed by the 79th Legislature, 3rd Called Session.
The bill would create or recreate a dedicated account in the General Revenue Fund, create or recreate a special or trust fund either with or outside of the Treasury, or create a dedicated revenue source. Therefore, the fund, account, or revenue dedication included in this bill would be subject to funds consolidation review by the current Legislature.
| Source Agencies: | 304 Comptroller of Public Accounts
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| LBB Staff: | JOB, SD
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