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A JOINT RESOLUTION
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proposing a constitutional amendment to transfer certain surplus |
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state revenues to a sales tax relief fund to support state sales tax |
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holidays at the discretion of the comptroller. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subsection (g), Section 49-g, Article III, Texas |
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Constitution, is amended to read as follows: |
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(g) During each fiscal biennium, the amount in the economic |
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stabilization fund may not exceed an amount equal to 10 percent of |
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the total amount, excluding investment income, interest income, and |
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amounts borrowed from special funds, deposited in general revenue |
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during the preceding biennium. Amounts that would be deposited to |
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the economic stabilization fund as provided by Subsections (b), |
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(c), (d), and (e) of this section but for the limitation prescribed |
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by this subsection shall be transferred to a special fund in the |
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state treasury to be known as the sales tax relief fund. The sales |
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tax relief fund may be used only for a state sales tax relief period |
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as provided by this subsection and rules of the comptroller. If the |
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comptroller determines that the balance of the sales tax relief |
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fund will support a state sales tax relief period of at least two |
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days, the comptroller may declare a period during which state sales |
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tax rates are reduced by at least one-eighth of one cent for a |
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period the comptroller determines to be long enough so that the |
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difference between state sales tax receipts during the relief |
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period and the state sales tax receipts that would otherwise have |
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been collected during that period will equal not more than the |
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balance of the sales tax relief fund. The comptroller shall |
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transfer to the general revenue fund from the sales tax relief fund |
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an amount equal to the amount of revenue the comptroller estimates |
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was forgone as a result of the state sales tax relief period at any |
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time during that state fiscal biennium that the comptroller |
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determines appropriate. If the comptroller determines that the |
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balance of the sales tax relief fund will not support a state sales |
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tax relief period of at least two days, the comptroller may not |
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declare a relief period and shall retain the entire balance of the |
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sales tax relief fund in the fund for use only for a future state |
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sales tax relief period. The comptroller shall credit to the sales |
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tax relief fund interest on and other earnings of the fund. The |
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comptroller may recover from the sales tax relief fund expenses |
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incurred in administering this subsection without the necessity of |
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an appropriation. |
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SECTION 2. The following temporary provision is added to |
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the Texas Constitution: |
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TEMPORARY PROVISION. This temporary provision expires |
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December 31, 2012. The changes made by the amendment to Section |
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49-g, Article III, of this constitution apply beginning with any |
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unencumbered positive balance of general revenues on August 31, |
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2011. |
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SECTION 3. This proposed constitutional amendment shall be |
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submitted to the voters at an election to be held November 3, 2009. |
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The ballot shall be printed to provide for voting for or against the |
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proposition: "The constitutional amendment to transfer certain |
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surplus state revenues to a sales tax relief fund to support state |
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sales tax holidays at the discretion of the comptroller." |