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A BILL TO BE ENTITLED
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AN ACT
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relating to the allocation of revenue from the motor vehicle sales |
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tax to the state highway fund. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 152.122, Tax Code, is amended to read as |
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follows: |
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Sec. 152.122. ALLOCATION OF TAX. Subject to Section |
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152.1222, the [The] comptroller shall deposit the funds received |
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under Section 152.121 [of this code] as follows: |
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(1) in the state fiscal year ending August 31, 2010, 50 |
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percent to the credit of the state highway fund and 50 percent [1/4
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to the credit of the foundation school fund; and
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[(2) the remaining funds] to the credit of the general |
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revenue fund; |
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(2) in the state fiscal year ending August 31, 2011, 67 |
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percent to the credit of the state highway fund and 33 percent to |
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the credit of the general revenue fund; |
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(3) in the state fiscal year ending August 31, 2012, 83 |
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percent to the credit of the state highway fund and 17 percent to |
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the credit of the general revenue fund; and |
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(4) in state fiscal years ending on or after August 31, |
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2013, 100 percent to the credit of the state highway fund. |
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SECTION 2. In addition to the substantive change made by |
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this Act, this Act conforms Section 152.222, Tax Code, to the method |
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of allocating motor vehicle sales and use taxes in effect before the |
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effective date of this Act. |
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SECTION 3. This Act takes effect September 1, 2009. |