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A JOINT RESOLUTION
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proposing a constitutional amendment dedicating a portion of the |
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state's oil and gas tax revenue to construction, reconstruction, |
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acquisition, and expansion of roads in counties in which a shale |
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formation is located. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Sections 49-g(d) and (e), Article III, Texas |
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Constitution, are amended to read as follows: |
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(d) If in the preceding year the state received from oil |
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production taxes a net amount greater than the net amount of oil |
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production taxes received by the state in the fiscal year ending |
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August 31, 1999 [1987], the comptroller shall transfer to the
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economic stabilization fund an amount equal to 75 percent of the
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difference between those amounts the comptroller shall transfer |
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[retain] the remaining portion to the State Highway fund to be used |
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for construction, reconstruction, acquisition, and expansion of |
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roads in a county in which a part of a shale formation is located [as
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general revenue]. In computing the net amount of oil production |
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taxes received, the comptroller may not consider refunds paid as a |
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result of oil overcharge litigation. |
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(e) If in the preceding year the state received from gas |
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production taxes a net amount greater than the net amount of gas |
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production |
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taxes received by the state in the fiscal year ending |
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August 31, 1999 [1987], the comptroller shall transfer to the
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economic stabilization fund an amount equal to 75 percent of the
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difference between those amounts. the comptroller shall transfer |
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[retain] the remaining difference to the state highway fund to be |
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used for construction, reconstruction, acquisition, and expansion |
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of roads in a county in which a part of a district where a shale |
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formation is located [as general revenue]. For the purposes of this |
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subsection, the comptroller shall adjust his computation of |
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revenues to reflect only 12 months of collection. |
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SECTION 2. This proposed constitutional amendment shall be |
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submitted to the voters at an election to be held November 5, 2013. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment dedicating a portion of |
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the state's oil and gas tax revenue to construction, |
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reconstruction, acquisition, and expansion of state highways in |
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counties in a shale formation is located." |