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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, in each state |
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fiscal year beginning on or after September 1, 2017, the |
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comptroller shall deposit to the credit of the state highway fund |
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all money that: |
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(1) is received under Sections 152.047 and 152.121, is |
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derived from the tax imposed under Section 152.021, and is |
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remaining after the comptroller makes the allocation required by |
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Section 152.1222; and |
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(2) exceeds the first $2.5 billion of money described |
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by Subdivision (1) that is received in that fiscal year. |
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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 to: |
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(1) construct, maintain, or acquire rights-of-way for |
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public roadways other than toll roads; or |
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(2) 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. |