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A BILL TO BE ENTITLED
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AN ACT
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relating to meetings of the Legislative Budget Board in response to |
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consecutive declines in reported sales and use tax revenues. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Chapter 322, Government Code, is amended by |
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adding Section 322.021 to read as follows: |
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Sec. 322.021. MEETING IN RESPONSE TO REPORTED DECLINES IN |
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SALES AND USE TAX REVENUES. (a) As soon as practicable after the |
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Legislative Budget Board is notified that the comptroller has |
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reported a month-to-month decline in revenues from state sales and |
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use taxes imposed under Chapter 151, Tax Code, for three |
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consecutive months, the board shall meet to consider whether it is |
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prudent to direct state agencies to reduce expenditures or to take |
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other action to reduce state spending in response to declining |
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state sales and use tax revenues. |
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(b) The comptroller shall send to the director of the |
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Legislative Budget Board, by e-mail or other means as requested by |
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the director, a monthly report showing whether total state sales |
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and use tax revenues for the most recent month for which the |
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information is available are less than the total state sales and use |
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tax revenues for the preceding month. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2011. |