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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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(b) 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. Interest earned on |
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money in the fund is credited to the fund. |
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(c) 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 as provided by that 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 August 1 of each odd-numbered year, the |
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comptroller shall determine whether there are sufficient balances |
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in the sales tax reduction fund so that 90 percent of the balances |
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would equal or exceed the amount necessary to reimburse the general |
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revenue fund for the estimated amount of state sales tax revenue the |
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state would forgo if the state sales tax rate were reduced by at |
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least one-tenth of one percent during the last calendar quarter of |
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the state fiscal biennium beginning September 1 of that year. |
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(d) If the comptroller determines under Subsection (c) that |
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90 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 the period |
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described by Subsection (c), the comptroller shall declare a |
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reduced sales tax rate for that period. The comptroller shall |
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determine the reduced sales tax rate for that period. The reduced |
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rate must be a rate that is a whole-number multiple of one-tenth of |
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one percent lower than the rate otherwise provided by Subsection |
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(b). |
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(e) The comptroller shall publish notice of the reduced rate |
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and the calendar quarter for which the rate is reduced in the Texas |
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Register, shall mail notice of the reduced rate to each permit |
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holder, and may provide notice by other means the comptroller |
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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 section would have been deposited to |
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the credit of a dedicated account in the general revenue fund under |
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the constitution of this state or general law in effect on January |
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1, 2015, had the sales tax rate not been reduced under Subsection |
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(d). The comptroller shall deposit to the credit of each of those |
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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 make the determination required |
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by Subsection (c) according to available statistical data |
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indicating the estimated amounts to be deposited to the credit of |
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the sales tax reduction fund under Section 403.108, Government |
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Code. The comptroller may require taxpayers or other entities that |
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remit taxes to the comptroller to report to the comptroller |
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additional information necessary to make the determination under |
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Subsection (c). |
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(i) 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. |