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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 surplus state revenue for |
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periodic reductions in the state sales tax rate. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter G, Chapter 403, Government Code, is |
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amended by adding Section 403.108 to read as follows: |
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Sec. 403.108. SALES TAX REDUCTION FUND. (a) The sales tax |
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reduction fund is a special fund in the state treasury outside the |
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general revenue fund. The comptroller shall administer the fund. |
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The fund consists of: |
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(1) money transferred to the fund in accordance with |
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Subsection (b); |
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(2) money deposited to the credit of the fund in |
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accordance with Subsection (c); and |
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(3) interest earned on money in the fund. |
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(b) The comptroller shall transfer money to the fund as |
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directed by the legislature in the General Appropriations Act or by |
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other law. |
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(c) The comptroller shall deposit to the credit of the fund |
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money that would be transferred to the economic stabilization fund |
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under Subsections (b), (c), (d), and (e), Section 49-g, Article |
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III, Texas Constitution, on the transfer dates described by |
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Subsections (b) and (c) of that section, but for the limitation |
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prescribed by Subsection (g) of that section. |
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(d) Money in the fund may be used only for a state sales tax |
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reduction period under Section 151.051, Tax Code, and is not |
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subject to appropriation unless transferred to the general revenue |
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fund, or an account in the general revenue fund, as provided by that |
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section. |
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SECTION 2. Section 151.051, Tax Code, is amended to read as |
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follows: |
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Sec. 151.051. SALES TAX IMPOSED. (a) A tax is imposed on |
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each sale of a taxable item in this state at a rate determined by the |
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comptroller as provided by this section. |
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(b) Except as provided by this section, the [The] sales tax |
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rate is 6-1/4 percent of the sales price of the taxable item sold. |
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(c) Not later than the 90th day of each state fiscal year, |
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the comptroller shall determine whether there are sufficient |
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balances in the sales tax reduction fund so that 95 percent of the |
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balances would equal or exceed the amount necessary to reimburse |
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the general revenue fund for the estimated amount of state sales tax |
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revenue the state would forgo if the state sales tax rate were |
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reduced by at least one-tenth of one percent for a period of not |
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less than two consecutive days. |
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(d) If the comptroller determines under Subsection (c) that |
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95 percent of the balances in the sales tax reduction fund would |
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support a reduction in the state sales tax rate for at least the |
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period described by Subsection (c), the comptroller shall declare a |
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reduced sales tax rate. The comptroller shall determine the length |
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of the period during which the sales tax rate will be reduced, and |
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the reduced sales tax rate for that period, in a manner that |
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provides for the greatest reduction in the sales tax rate for the |
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longest period of time possible given the comptroller's |
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determination of the fund's available balance under Subsection (c). |
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The reduced sales tax rate must be a rate that is a whole-number |
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multiple of one-tenth of one percent lower than the tax rate |
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otherwise provided by Subsection (b) and must take effect on the |
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first day of a calendar quarter. |
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(e) The comptroller shall publish notice of the reduced |
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state sales tax rate and the period during which the sales tax rate |
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is reduced in the Texas Register, shall mail notice of the reduced |
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sales tax rate to each permit holder, and may provide notice by |
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other means the comptroller determines prudent. |
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(f) On the day after the last day of the period for which the |
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state sales tax rate is reduced under this section, the comptroller |
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shall calculate the positive difference between the estimated state |
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sales tax revenue anticipated to be collected during the period for |
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which the sales tax rate is reduced and the estimated state sales |
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tax revenue that would be collected during the same period if the |
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sales tax rate were not reduced during that period. Except as |
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provided by Subsection (g), the comptroller shall transfer from the |
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sales tax reduction fund to the general revenue fund an amount of |
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money equal to the amount calculated as provided by this |
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subsection. |
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(g) Before making the transfer required by Subsection (f), |
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the comptroller shall determine what portion of the amount of money |
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calculated as provided by that subsection would have been deposited |
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to the credit of a dedicated account in the general revenue fund |
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under the constitution of this state or general law in effect on |
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January 1, 2015, had the state sales tax rate not been reduced under |
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Subsection (d). The comptroller shall deposit to the credit of each |
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of those dedicated accounts the amount of money that would have been |
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deposited to the account had the sales tax rate not been reduced. |
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(h) The comptroller shall adopt rules to implement this |
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section. |
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SECTION 3. This Act takes effect September 1, 2015. |