TO: | Honorable Jim Pitts, Chair, House Committee on Appropriations |
FROM: | Ursula Parks, Director, Legislative Budget Board |
IN RE: | HB8 by Harper-Brown (Relating to the allocation of certain motor vehicle sales, use, and rental tax revenue to the state highway fund and to the uses of that revenue.), As Introduced |
Fiscal Year | Probable Net Positive/(Negative) Impact to General Revenue Related Funds |
---|---|
2014 | $0 |
2015 | $0 |
2016 | ($457,763,000) |
2017 | ($515,416,000) |
2018 | ($574,304,000) |
Fiscal Year | Probable Revenue (Loss) from General Revenue Fund 1 |
Probable Revenue Gain from State Highway Fund 6 |
---|---|---|
2014 | $0 | $0 |
2015 | $0 | $0 |
2016 | ($457,763,000) | $457,763,000 |
2017 | ($515,416,000) | $515,416,000 |
2018 | ($574,304,000) | $574,304,000 |
The bill would amend Chapter 152 of the Tax Code relating to the allocation of revenue from the taxes imposed on the sale, rental, or other use of motor vehicles.
Beginning in fiscal year 2016, the bill would deposit one third of the revenue received from the motor vehicle sales tax, the motor vehicle rental tax, and the other taxes imposed under Chapter 152 of the Tax Code in excess of $2.8 billion, after making the required allocation to the Property Tax Relief Fund, to the credit of the State Highway Fund. Under current law net revenue collections from these taxes are deposited to the General Revenue Fund.
Money deposited to the State Highway Fund in accordance with provisions of the bill may only be appropriated for (1) a purpose authorized under the Texas Constitution, Article VIII, Section 7-a, (2) to repay the principal and interest on GO bonds issued under the Texas Constitution, Article III, Section 49-p, or (3) to pay for a function performed by or under the supervision of TXDOT.
The bill would take effect immediately if it receives a vote of two thirds of all Members in each house. If not, the bill would take effect on the 91st day after the last day of the current legislative session.
Source Agencies: | 304 Comptroller of Public Accounts
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LBB Staff: | UP, KK, SD
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