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A BILL TO BE ENTITLED
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AN ACT
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relating to allocating a portion of oil and gas production tax |
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revenue to the counties from which the oil and gas originated. |
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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) 2.5 percent to the credit of the trust fund created |
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under Section 205.001, to be disbursed to counties for the purposes |
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and in the manner provided by that section; and |
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(3) the remainder [three-fourths] to the general |
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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) 2.5 percent to the credit of the trust fund created |
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under Section 205.001, to be disbursed to counties for the purposes |
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and in the manner provided by that section; and |
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(3) the remainder [three-fourths] to the general |
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revenue fund. |
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SECTION 3. Subtitle I, Title 2, Tax Code, is amended by |
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adding Chapter 205 to read as follows: |
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CHAPTER 205. SEVERANCE TAX TRUST FUND |
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Sec. 205.001. TRUST FUND FOR REVENUE FROM SEVERANCE TAXES |
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FOR COUNTIES. (a) The comptroller shall deposit the following in a |
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trust fund outside the state treasury to be held with the |
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comptroller in trust: |
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(1) the revenue collected from the gas production tax |
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as specified by Section 201.404(2); and |
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(2) the revenue collected from the oil production tax |
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as specified by Section 202.353(2). |
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(b) The comptroller shall: |
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(1) administer the fund as trustee on behalf of each |
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county in this state; and |
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(2) send to the county treasurer payable to the county |
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the county's share of the revenue in the trust fund as provided by |
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this section. |
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(c) Each county's share of the revenue in the trust fund is |
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equal to the amount of revenue in the trust fund that is |
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attributable to gas production and oil production in that county. |
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(d) The comptroller shall remit to a county the county's |
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share of the revenue in the trust fund not later than the 90th day |
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after the last day of the calendar month during which the revenue |
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was deposited in the trust fund. |
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(e) A county may use money received under this section for |
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building and maintenance of infrastructure in the county or may |
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deposit the money in the county treasury. |
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SECTION 4. The changes in law made by this Act apply only to |
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tax revenue collected under Chapters 201 and 202, Tax Code, from oil |
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and gas produced on or after the effective date of this Act. Tax |
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revenue collected under Chapters 201 and 202, Tax Code, from oil and |
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gas produced before that date is governed by the law in effect at |
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the time the oil and gas was produced, and that law is continued in |
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effect for that purpose. |
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SECTION 5. This Act takes effect September 1, 2017. |