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A JOINT RESOLUTION
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proposing a constitutional amendment concerning the use of |
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unencumbered surplus state revenues to provide for a rebate of |
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state franchise taxes. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Article III, Texas Constitution, is amended by |
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adding Section 49-g-1 to read as follows: |
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Sec. 49-g-1. (a) Not later than the 90th day of each state |
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fiscal biennium, the comptroller shall ascertain the amount of the |
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unencumbered positive balance of general revenues on the last day |
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of the preceding state fiscal biennium that remains after the |
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transfer of revenues to the economic stabilization fund under |
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Subsection (b), Section 49-g, Article III, of this constitution. |
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(b) The legislature by general law shall provide a procedure |
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by which the comptroller shall issue to payers of this state's |
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franchise tax a rebate of franchise taxes paid during the preceding |
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state fiscal biennium so that: |
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(1) the total amount of rebates issued equals the |
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lesser of one-half of the amount of the remaining unencumbered |
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positive balance of general revenues ascertained under Subsection |
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(a) of this section or the total amount of state franchise taxes |
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collected during that preceding state fiscal biennium; and |
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(2) each payer of the franchise tax during that |
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preceding state fiscal biennium receives a share of the total |
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amount of rebates issued that is directly proportionate to the |
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share that the amount of that taxpayer's franchise taxes paid |
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during that preceding state fiscal biennium bears to the total |
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amount of franchise taxes collected during that preceding state |
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fiscal biennium. |
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SECTION 2. The following temporary provision is added to |
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the Texas Constitution: |
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TEMPORARY PROVISION. The constitutional amendment proposed |
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by the 85th Legislature, Regular Session, 2017, concerning the use |
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of unencumbered surplus state revenues to provide for a rebate of |
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state franchise taxes applies beginning with the state fiscal |
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biennium beginning September 1, 2019. This temporary provision |
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expires September 1, 2021. |
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SECTION 3. This proposed constitutional amendment shall be |
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submitted to the voters at an election to be held November 7, 2017. |
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The ballot shall be printed to permit voting for or against the |
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proposition: "The constitutional amendment concerning the use of |
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unencumbered surplus state revenues to provide for a rebate of |
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state franchise taxes." |