|
SECTION 1. Section 201.404,
Tax Code, is amended to read as follows:
Sec. 201.404. ALLOCATION OF
REVENUE. After deducting the amount required to be deposited by Section
201.403 [of this code], the comptroller shall deposit [one-fourth
of] the revenue collected from the tax imposed by this chapter as
follows:
(1) 25 percent to the
credit of the foundation school fund;
(2) 2.5 percent to the credit of the trust
fund created under Section 205.001, to be disbursed to counties for the
purposes and in the manner provided by that section; and
(3) the remainder [three-fourths]
to the general revenue fund.
|
SECTION 1. Section 201.404,
Tax Code, is amended to read as follows:
Sec. 201.404. ALLOCATION OF
REVENUE. After deducting the amount required to be deposited by Section
201.403 [of this code], the comptroller shall deposit [one-fourth
of] the revenue collected from the tax imposed by this chapter as
follows:
(1) 25 percent to the
credit of the foundation school fund;
(2) two percent to the credit of the trust
fund created under Section 205.001, to be disbursed to counties for the
purposes and in the manner provided by that section; and
(3) the remainder [three-fourths]
to the general revenue fund.
|
|
SECTION 2. Section 202.353,
Tax Code, is amended to read as follows:
Sec. 202.353. ALLOCATION OF
REVENUE. After deducting the amount required to be deposited by Section
202.352 [of this code], the comptroller shall deposit [one-fourth
of] the revenue collected from the tax imposed by this chapter as
follows:
(1) 25 percent to the
credit of the foundation school fund;
(2) 2.5 percent to the credit of the trust
fund created under Section 205.001, to be disbursed to counties for the
purposes and in the manner provided by that section; and
(3) the remainder [three-fourths]
to the general revenue fund.
|
SECTION 2. Section 202.353,
Tax Code, is amended to read as follows:
Sec. 202.353. ALLOCATION OF
REVENUE. After deducting the amount required to be deposited by Section
202.352 [of this code], the comptroller shall deposit [one-fourth
of] the revenue collected from the tax imposed by this chapter as
follows:
(1) 25 percent to the
credit of the foundation school fund;
(2) two percent to the credit of the trust
fund created under Section 205.001, to be disbursed to counties for the
purposes and in the manner provided by that section; and
(3) the remainder [three-fourths]
to the general revenue fund.
|
|
SECTION 3. Subtitle I, Title
2, Tax Code, is amended by adding Chapter 205 to read as follows:
CHAPTER 205. SEVERANCE TAX
TRUST FUND
Sec. 205.001. TRUST FUND
FOR REVENUE FROM SEVERANCE TAXES FOR COUNTIES. (a) The comptroller shall
deposit the following in a trust fund outside the state treasury to be held
with the comptroller in trust:
(1) the revenue collected
from the gas production tax as specified by Section 201.404(2); and
(2) the revenue collected
from the oil production tax as specified by Section 202.353(2).
(b) The comptroller shall:
(1) administer the fund as
trustee on behalf of each county in this state; and
(2) send to the county
treasurer payable to the county the county's share of the revenue in the
trust fund as provided by this section.
(c) Each county's share of
the revenue in the trust fund is equal to the amount of revenue in the
trust fund that is attributable to gas production and oil production in
that county.
(d) The comptroller shall
remit to a county the county's share of the revenue in the trust fund not
later than the 90th day after the last day of the calendar month during
which the revenue was deposited in the trust fund.
(e) A county may use money
received under this section for building
and maintenance of infrastructure in the
county or may deposit the money in the county treasury.
|
SECTION 3. Subtitle I, Title
2, Tax Code, is amended by adding Chapter 205 to read as follows:
CHAPTER 205. SEVERANCE TAX
TRUST FUND
Sec. 205.001. TRUST FUND
FOR REVENUE FROM SEVERANCE TAXES FOR COUNTIES. (a) The comptroller shall
deposit the following in a trust fund outside the state treasury to be held
with the comptroller in trust:
(1) the revenue collected
from the gas production tax as specified by Section 201.404(2); and
(2) the revenue collected
from the oil production tax as specified by Section 202.353(2).
(b) The comptroller shall:
(1) administer the fund as
trustee on behalf of each county in this state; and
(2) send to the county
treasurer payable to the county the county's share of the revenue in the
trust fund as provided by this section.
(c) Each county's share of
the revenue in the trust fund is equal to the amount of revenue in the trust
fund that is attributable to gas production and oil production in that
county.
(d) The comptroller shall
remit to a county the county's share of the revenue in the trust fund not
later than the 90th day after the last day of the calendar month during
which the revenue was deposited in the trust fund.
(e) A county may use money
received under this section only to
supplement construction and maintenance of county roads and bridges that are impacted by oil and gas
exploration and production activities.
|
|
SECTION 4. The changes in law
made by this Act apply only to tax revenue collected under Chapters 201 and
202, Tax Code, from oil and gas produced on or after the effective date of
this Act. Tax revenue collected under Chapters 201 and 202, Tax Code, from oil
and gas produced before that date is governed by the law in effect at the
time the oil and gas was produced, and that law is continued in effect for
that purpose.
|
SECTION 4. Same as introduced
version.
|