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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 motor vehicle sales tax |
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revenue to the state highway fund and to the uses of that revenue. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter G, Chapter 152, Tax Code, is amended |
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by adding Section 152.1223 to read as follows: |
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Sec. 152.1223. ALLOCATION OF CERTAIN TAX REVENUE TO STATE |
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HIGHWAY FUND. (a) Notwithstanding Section 152.122, the |
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comptroller shall deposit to the credit of the state highway fund |
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the following percentages of the money received under Section |
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152.121 that is derived from the tax imposed under Section 152.021 |
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and is remaining after the comptroller makes the allocation |
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required by Section 152.1222: |
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(1) in the state fiscal year beginning September 1, |
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2017, 10 percent of the remaining amount; |
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(2) in the state fiscal year beginning September 1, |
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2018, 20 percent of the remaining amount; |
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(3) in the state fiscal year beginning September 1, |
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2019, 30 percent of the remaining amount; |
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(4) in the state fiscal year beginning September 1, |
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2020, 40 percent of the remaining amount; |
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(5) in the state fiscal year beginning September 1, |
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2021, 50 percent of the remaining amount; |
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(6) in the state fiscal year beginning September 1, |
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2022, 60 percent of the remaining amount; |
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(7) in the state fiscal year beginning September 1, |
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2023, 70 percent of the remaining amount; |
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(8) in the state fiscal year beginning September 1, |
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2024, 80 percent of the remaining amount; |
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(9) in the state fiscal year beginning September 1, |
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2025, 90 percent of the remaining amount; and |
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(10) in each state fiscal year beginning on or after |
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September 1, 2026, 100 percent of the remaining amount. |
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(b) Money deposited to the credit of the state highway fund |
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under this section may be appropriated only: |
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(1) for a purpose authorized by Section 7-a, Article |
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VIII, Texas Constitution; or |
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(2) to repay the principal and interest on general |
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obligation bonds issued as authorized by Section 49-p, Article III, |
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Texas Constitution. |
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SECTION 2. This Act takes effect September 1, 2015. |