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A BILL TO BE ENTITLED
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AN ACT
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relating to the allocation of certain revenue from the taxes |
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imposed on the sale, rental, or use of motor vehicles to the state |
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highway fund. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 152.122, Tax Code, is amended to read as |
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follows: |
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Sec. 152.122. ALLOCATION OF TAX. Subject to Section |
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152.1222, the [The] comptroller shall deposit the funds received |
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under Section 152.121 [of this code] as follows: |
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(1) in the state fiscal year beginning September 1, |
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2013, 50 percent to the credit of the state highway fund and 50 |
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percent [1/4 to the credit of thc foundation school fund; and
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[(2) the remaining funds] to the credit of the general |
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revenue fund; |
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(2) in the state fiscal year beginning September 1, |
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2014, 70 percent to the credit of the state highway fund and 30 |
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percent to the credit of the general revenue fund; |
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(3) in the state fiscal year beginning September 1, |
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2015, 85 percent to the credit of the state highway fund and 15 |
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percent to the credit of the general revenue fund; |
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(4) in the state fiscal year beginning September 1, |
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2016, 100 percent to the credit of the state highway fund. |
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SECTION 2. In addition to the substantive changes made by |
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this Act, this Act conforms Section 152.122, Tax Code, to the method |
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of allocating motor vehicle sales and use taxes in effect before the |
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effective date of this Act. Section 11.04, Chapter 4 (S.B. 3), Acts |
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of the 72nd Legislature, 1st Called Session, 1991, enacted former |
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Section 403.094(h), Government Code, which abolished certain state |
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fund dedications and resulted in the abolition of the allocation to |
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the foundation school fund effective August 31, 1995. |
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SECTION 3. This Act takes effect September 1, 2013. |