| |
| |
|
|
A JOINT RESOLUTION
|
|
|
proposing a constitutional amendment regarding an increase in the |
|
|
maximum amount to be retained in the constitutional economic |
|
|
stabilization fund and dedicating for deposit in that fund certain |
|
|
sales and use tax revenues. |
|
|
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 49-g, Article III, Texas Constitution, |
|
|
is amended by amending Subsections (g) and (h) and adding |
|
|
Subsections (p), (q), and (r) to read as follows: |
|
|
(g) During each fiscal biennium, the amount in the economic |
|
|
stabilization fund may not exceed an amount equal to 15 [10] percent |
|
|
of the total amount, excluding investment income, interest income, |
|
|
and amounts borrowed from special funds, deposited in general |
|
|
revenue during the preceding biennium. |
|
|
(h) In preparing an estimate of anticipated revenues for a |
|
|
succeeding biennium as required by Article III, Section 49a, of |
|
|
this constitution, the comptroller shall estimate the amount of the |
|
|
transfers that will be made under Subsections (b), (d), [and] (e), |
|
|
and (q) of this section. The comptroller shall deduct that amount |
|
|
from the estimate of anticipated revenues as if the transfers were |
|
|
made on August 31 of that fiscal year. |
|
|
(p) Before the end of each fiscal year, the comptroller |
|
|
shall determine a historical average of the annual rate of increase |
|
|
or decrease in state sales and use tax revenues received, expressed |
|
|
as a percentage rate. To determine the historical average rate, the |
|
|
comptroller shall use information regarding state sales and use tax |
|
|
revenues for the 20 previous fiscal years and disregard both the |
|
|
greatest annual increase in those revenues and the least annual |
|
|
increase or greatest annual decrease in those revenues, and derive |
|
|
the arithmetic mean of the remaining 18 annual increases or |
|
|
decreases. If that historical average rate is a positive growth |
|
|
rate, the comptroller shall determine as a benchmark amount the |
|
|
amount of state sales and use tax revenues that would have been |
|
|
received during the preceding fiscal year had the amount of state |
|
|
sales and use tax revenues received during the preceding fiscal |
|
|
year increased over the amount received during the second preceding |
|
|
fiscal year by that historical average growth rate. |
|
|
(q) Before the end of each fiscal year, the comptroller |
|
|
shall compare the amount the state received from sales and use taxes |
|
|
in the preceding fiscal year with the amount of state sales and use |
|
|
taxes the state received in the second preceding fiscal year as |
|
|
provided by this subsection. For purposes of the comparison, the |
|
|
comptroller shall determine whether any difference in the amount of |
|
|
sales and use taxes received in those two fiscal years is a result, |
|
|
at least in part, from a change in a tax rate or base adopted by the |
|
|
legislature. If all or a portion of the difference in sales and use |
|
|
tax revenue from one fiscal year to the next results, at least in |
|
|
part, from a change in a tax rate or base adopted by the |
|
|
legislature, the comptroller shall adjust for purposes of this |
|
|
subsection the amount considered to have been received from sales |
|
|
and use taxes in the preceding fiscal year to an amount that would |
|
|
have been received had the rate or base not been changed. Amounts |
|
|
to be transferred under Subdivision (1) of this subsection are |
|
|
considered encumbered for purposes of Subsection (b) of this |
|
|
section. If the amount, as adjusted under this subsection if |
|
|
necessary, of sales and use taxes received in the preceding fiscal |
|
|
year exceeds the benchmark amount for that year determined under |
|
|
Subsection (p) of this section, the comptroller shall: |
|
|
(1) not later than the 89th day of the next fiscal year |
|
|
transfer to the economic stabilization fund an amount equal to 75 |
|
|
percent of the amount by which state sales and use tax revenues |
|
|
collected during the preceding fiscal year exceed the benchmark |
|
|
amount; and |
|
|
(2) retain as general revenue the remaining amount of |
|
|
state sales and use tax revenues collected during the preceding |
|
|
fiscal year that exceed the benchmark amount. |
|
|
(r) If necessary, the comptroller shall reduce the amount |
|
|
transferred under Subsection (q)(1) of this section in proportion |
|
|
to the other amounts prescribed by this section to prevent the |
|
|
amount in the fund from exceeding the limit in effect for that |
|
|
biennium under Subsection (g) of this section. |
|
|
SECTION 2. The following temporary provision is added to |
|
|
the Texas Constitution: |
|
|
TEMPORARY PROVISION. (a) This temporary provision applies |
|
|
to the constitutional amendment proposed by the 82nd Legislature, |
|
|
Regular Session, 2011, regarding an increase in the maximum amount |
|
|
to be retained in the constitutional economic stabilization fund |
|
|
and dedicating for deposit in that fund certain sales and use tax |
|
|
revenues. |
|
|
(b) The amendments to Section 49-g, Article III, of this |
|
|
constitution take effect September 1, 2013. |
|
|
(c) This temporary provision expires January 1, 2014. |
|
|
SECTION 3. (a) This proposed constitutional amendment shall |
|
|
be submitted to the voters at an election to be held November 8, |
|
|
2011. |
|
|
(b) The ballot shall be printed to provide for voting for or |
|
|
against the proposition: "The constitutional amendment increasing |
|
|
the maximum amount to be retained in the constitutional rainy day |
|
|
fund and dedicating for deposit in that fund certain sales and use |
|
|
tax revenues." |