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A BILL TO BE ENTITLED
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AN ACT
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relating to the allocation of a portion of certain severance tax |
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revenue to the transportation infrastructure fund. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 201.404, Tax Code, is amended to read as |
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follows: |
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Sec. 201.404. ALLOCATION OF REVENUE. After deducting the |
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amount required to be deposited by Section 201.403 [of this code], |
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the comptroller shall deposit [one-fourth of] the revenue collected |
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from the tax imposed by this chapter as follows: |
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(1) 25 percent to the credit of the foundation school |
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fund; |
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(2) 7.5 percent to the credit of the transportation |
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infrastructure fund established under Subchapter C, Chapter 256, |
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Transportation Code; and |
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(3) the remainder [three-fourths] to the credit of the |
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general revenue fund. |
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SECTION 2. Section 202.353, Tax Code, is amended to read as |
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follows: |
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Sec. 202.353. ALLOCATION OF REVENUE. After deducting the |
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amount required to be deposited by Section 202.352 [of this code], |
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the comptroller shall deposit [one-fourth of] the revenue collected |
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from the tax imposed by this chapter as follows: |
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(1) 25 percent to the credit of the foundation school |
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fund; |
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(2) 7.5 percent to the credit of the transportation |
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infrastructure fund established under Subchapter C, Chapter 256, |
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Transportation Code; and |
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(3) the remainder to the credit of [three-fourths to] |
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the general revenue fund. |
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SECTION 3. Section 203.152, Tax Code, is amended to read as |
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follows: |
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Sec. 203.152. ALLOCATION OF REVENUE. The [One-fourth of
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the] revenue collected from the tax imposed by this chapter shall be |
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deposited as follows: |
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(1) 25 percent to the credit of the foundation school |
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fund; |
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(2) 7.5 percent to the credit of the transportation |
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infrastructure fund established under Subchapter C, Chapter 256, |
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Transportation Code; and |
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(3) the remainder [three-fourths] to the credit of the |
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general revenue fund. |
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SECTION 4. This Act takes effect September 1, 2015. |