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A BILL TO BE ENTITLED
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relating to the allocation to the state highway fund of certain |
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motor vehicle sales, use, and rental tax revenue and to the use of |
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that revenue. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter G, Chapter 152, Tax Code, is amended |
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by adding Section 152.1221 to read as follows: |
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Sec. 152.1221. ALLOCATION OF CERTAIN TAX REVENUE TO STATE |
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HIGHWAY FUND. (a) This section applies only to money that: |
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(1) the comptroller receives in a state fiscal year |
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that begins on or after September 1, 2021; |
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(2) is received under Sections 152.043, 152.045, |
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152.047, and 152.121 and is derived from the taxes imposed under |
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Sections 152.021, 152.022, 152.023, 152.026, and 152.028; and |
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(3) exceeds the first $5 billion of the money |
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described by Subdivisions (1) and (2) that is received in that state |
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fiscal year. |
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(b) Notwithstanding Section 152.122, the comptroller shall |
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deposit the money to which this section applies as follows: |
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(1) the percentage or amount required by Section 7-c, |
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Article VIII, Texas Constitution, to the credit of the state |
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highway fund; |
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(2) an additional 40 percent to the credit of the state |
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highway fund; and |
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(3) the remainder to the credit of the general revenue |
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fund. |
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(c) Money deposited to the credit of the state highway fund |
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under this section may be appropriated only to: |
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(1) construct, maintain, or acquire rights-of-way for |
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public roadways other than toll roads; or |
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(2) repay the principal of and interest on general |
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obligation bonds issued as authorized by Section 49-p, Article III, |
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Texas Constitution. |
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SECTION 2. This Act takes effect September 1, 2019. |