Honorable Steve Ogden, Chair, Senate Committee on Finance
FROM:
John S O'Brien, Director, Legislative Budget Board
IN RE:
SJR42 by Ogden (Proposing a constitutional amendment authorizing the legislature to permit the Texas Transportation Commission, subject to legislative review and approval, to designate the area adjacent to a state highway project as a transportation finance zone and authorizing the revenue from the state sales and use taxes imposed in the zone to be deposited in a revolving fund and used to repay financial assistance provided from the fund for certain purposes.), As Introduced
No significant fiscal implication to the State is anticipated, other than the cost of publication.
The cost to the state for publication of the resolution is $105,495.
The resolution would propose an amendment to Article III, of the Texas Constitution, to add new Section 68 to authorize the Legislature by general law to allow the Texas Transportation Commission, to designate as a transportation finance zone (TFZ) an area defined by general law that is adjacent to a right-of-way on an existing or proposed state highway project. A TFZ designation would be reviewed and approved by the Legislature before it could take effect.
The Legislature by general law could authorize the proceeds from the collection of certain state taxes imposed within a TFZ to be deposited in a revolving fund, and used for repayment of financial assistance provided from the fund for highway projects within the TFZ. The Legislature could limit the amount of money the Comptroller could deposit to the credit of the fund in any state fiscal year.
The proposed amendment would be submitted to voters at an election to be held November 8, 2011.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.
Source Agencies:
304 Comptroller of Public Accounts, 601 Department of Transportation