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A BILL TO BE ENTITLED
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AN ACT
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relating to the allocation to the Texas rail relocation and |
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improvement fund of a portion of the revenue from the motor vehicle |
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sales and use tax. |
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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. The comptroller shall |
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deposit the funds received under Section 152.121 of this code as |
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follows: |
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(1) 1/4 to the credit of the foundation school fund; |
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[and] |
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(2) from the funds not deposited as provided by |
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Subdivision (1), $200 million each state fiscal year to the credit |
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of the Texas rail relocation and improvement fund under Section |
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49-o, Article III, Texas Constitution; and |
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(3) after the amount required to be deposited under |
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Subdivision (2) has been deposited, the remaining funds to the |
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credit of the general revenue fund. |
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SECTION 2. This Act takes effect September 1, 2009. |