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A BILL TO BE ENTITLED
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AN ACT
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relating to authorizing the designation of an area adjacent to a |
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state highway project as a transportation finance zone, and |
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authorizing the revenue from the state sales and use taxes imposed |
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in the zone to be deposited in a revolving fund and used to repay |
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financial assistance provided from the fund for highway projects. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter A, Chapter 222, Transportation Code, |
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is amended by adding Section 222.005 to read as follows: |
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Sec. 222.005. TRANSPORTATION FINANCE ZONES. (a) The |
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commission by order or resolution may designate as a transportation |
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finance zone an area that is adjacent to the right-of-way of an |
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existing or proposed state highway project and within two miles on |
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either side of the center line of the state highway. The area |
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designated as a transportation finance zone may extend more than |
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two miles on either side of the center line of a state highway if |
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necessary, as determined by the commission, to avoid the splitting |
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of a location in which the sale, storage, use, or other consumption |
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of a taxable item would be consummated. Each transportation |
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finance zone shall be designated by the commission with a separate |
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number or name. |
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(b) The designation of a transportation finance zone is not |
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effective until the Legislative Budget Board has reviewed and |
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approved the designation and boundaries of the zone. |
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(c) Notwithstanding Section 151.801(a), Tax Code, proceeds |
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from the collection of the taxes imposed by that chapter in |
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connection with a sale, storage, use, or other consumption that is |
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consummated in a transportation finance zone shall be deposited in |
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the Texas Transportation Revolving Fund or similar revolving fund |
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authorized by law, to be used for the repayment of financial |
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assistance provided from the revolving fund for highway projects as |
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provided by law. |
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(d) The proceeds from the collection of taxes deposited to |
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the credit of a revolving fund under Subsection (c) may only be used |
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for the repayment of financial assistance provided to the |
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department for tolled or nontolled highway projects within the |
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transportation finance zone in which the taxes were collected, and |
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may not be used to provide financial assistance for a project |
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developed, constructed, or operated by a private entity under a |
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comprehensive development agreement. |
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(e) In any state fiscal year the comptroller may not deposit |
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more than $250 million to the credit of a revolving fund under |
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Subsection (d). |
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(f) A transportation finance zone terminates on the earlier |
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of: |
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(1) the termination date, if any, specified in the |
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order or resolution designating the zone; or |
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(2) the date on which the financial assistance secured |
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by proceeds from the collection of taxes imposed within the zone has |
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been repaid. |
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(g) The commission shall adopt rules to implement and |
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administer this section. |
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SECTION 2. (a) Except as provided in Subsection (b) of |
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this section, this Act takes effect January 1, 2010, but only if the |
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constitutional amendment authorizing the legislature to permit the |
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Texas Transportation Commission, subject to the review and approval |
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of the Legislative Budget Board, to designate the area adjacent to a |
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state highway project as a transportation finance zone and |
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authorizing the revenue from the state sales and use taxes imposed |
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in the zone to be deposited in a revolving fund and used to repay |
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financial assistance provided from the fund for transportation |
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projects is approved by the voters. If that amendment is not |
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approved by the voters, this Act has no effect. |
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(b) The comptroller of public accounts may not deposit any |
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funds to the credit of a revolving fund under Section 222.005, |
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Transportation Code, as added by this Act, until September 1, 2012. |
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