84R2528 CJC-D
 
  By: Creighton S.J.R. No. 23
 
 
 
A JOINT RESOLUTION
  proposing a constitutional amendment concerning the use of
  unencumbered surplus state revenues to provide for a rebate of
  state franchise taxes.
         BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Article III, Texas Constitution, is amended by
  adding Section 49-g-1 to read as follows:
         Sec. 49-g-1.  (a)  Not later than the 90th day of each state
  fiscal biennium, the comptroller shall ascertain the amount of the
  unencumbered positive balance of general revenues on the last day
  of the preceding state fiscal biennium that remains after the
  transfer of revenues to the economic stabilization fund under
  Subsection (b), Section 49-g, Article III, of this constitution.
         (b)  The legislature by general law shall provide a procedure
  by which the comptroller shall issue to payers of this state's
  franchise tax a rebate of franchise taxes paid during the preceding
  state fiscal biennium so that:
               (1)  the total amount of rebates issued equals the
  lesser of one-half of the amount of the remaining unencumbered
  positive balance of general revenues ascertained under Subsection
  (a) of this section or the total amount of state franchise taxes
  collected during that preceding state fiscal biennium; and
               (2)  each payer of the franchise tax during that
  preceding state fiscal biennium receives a share of the total
  amount of rebates issued that is directly proportionate to the
  share that the amount of that taxpayer's franchise taxes paid
  during that preceding state fiscal biennium bears to the total
  amount of franchise taxes collected during that preceding state
  fiscal biennium.
         SECTION 2.  The following temporary provision is added to
  the Texas Constitution:
         TEMPORARY PROVISION.  The constitutional amendment proposed
  by the 84th Legislature, Regular Session, 2015, concerning the use
  of unencumbered surplus state revenues to provide for a rebate of
  state franchise taxes applies beginning with the state fiscal
  biennium beginning September 1, 2017. This temporary provision
  expires September 1, 2019.
         SECTION 3.  This proposed constitutional amendment shall be
  submitted to the voters at an election to be held November 3, 2015.
  The ballot shall be printed to permit voting for or against the
  proposition: "The constitutional amendment concerning the use of
  unencumbered surplus state revenues to provide for a rebate of
  state franchise taxes."