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  By: Taylor S.J.R. No. 77
 
 
 
   
 
 
 
SENATE JOINT RESOLUTION
  proposing a constitutional amendment relating to the dedication of
  certain severance tax collections for school district ad valorem
  tax compression.
         BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 49-g, Article III, Texas Constitution,
  is amended to read as follows:
         Sec. 49-g.  ECONOMIC STABILIZATION FUND; ALLOCATION OF
  CERTAIN OIL AND GAS PRODUCTION TAX REVENUE. (a) The economic
  stabilization fund is established as a special fund in the state
  treasury.
         (b)  The comptroller shall, not later than the 90th day of
  each biennium, transfer to the economic stabilization fund one-half
  of any unencumbered positive balance of general revenues on the
  last day of the preceding biennium. If necessary, the comptroller
  shall reduce the amount transferred in proportion to the other
  amounts prescribed by this section to prevent the amount in the fund
  from exceeding the limit in effect for that biennium under
  Subsection (g) of this section.
         (c)  Not later than the 90th day of each fiscal year, the
  comptroller of public accounts shall transfer from the general
  revenue fund to the economic stabilization fund and the state
  highway fund the sum of the amounts described by Subsections (d) and
  (e) of this section, to be allocated as provided by Subsections
  (c-1) and (c-2) of this section. However, if necessary and
  notwithstanding the allocations prescribed by Subsections (c-1)
  and (c-2) of this section, the comptroller shall reduce
  proportionately the amounts described by Subsections (d) and (e) of
  this section to be transferred and allocated to the economic
  stabilization fund to prevent the amount in that fund from
  exceeding the limit in effect for that biennium under Subsection
  (g) of this section. Revenue transferred to the state highway fund
  under this subsection may be used only for constructing,
  maintaining, and acquiring rights-of-way for public roadways other
  than toll roads.
         (c-1)  Of the sum of the amounts described by Subsections (d)
  and (e) of this section and required to be transferred from the
  general revenue fund under Subsection (c) of this section, the
  comptroller shall allocate 25 percent one-half to the economic
  stabilization fund and the remainder to the state highway fund,
  except as provided by Subsection (c-2) of this section.
         (c-2)  The legislature by general law shall provide for a
  procedure by which the allocation of the sum of the amounts
  described by Subsections (d) and (e) of this section may be adjusted
  to provide for a transfer to the economic stabilization fund of an
  amount greater than the allocation provided for under Subsection
  (c-1) of this section with the remainder of that sum, if any,
  allocated for transfer to the state highway fund. The allocation
  made as provided by that general law is binding on the comptroller
  for the purposes of the transfers required by Subsection (c) of this
  section.
         (d)  If in the preceding year the state received from oil
  production taxes a net amount greater than the net amount of oil
  production taxes received by the state in the fiscal year ending
  August 31, 1987, the comptroller shall transfer under Subsection
  (c) of this section and allocate in accordance with Subsections
  (c-1) and (c-2) of this section an amount equal to 50 75 percent of
  the difference between those amounts. The comptroller shall retain
  the remaining 50 25 percent of the difference as general revenue
  dedicated to school district ad valorem tax rate compression. In
  computing the net amount of oil production taxes received, the
  comptroller may not consider refunds paid as a result of oil
  overcharge litigation.
         (e)  If in the preceding year the state received from gas
  production taxes a net amount greater than the net amount of gas
  production taxes received by the state in the fiscal year ending
  August 31, 1987, the comptroller shall transfer under Subsection
  (c) of this section and allocate in accordance with Subsections
  (c-1) and (c-2) of this section an amount equal to 50 75 percent of
  the difference between those amounts. The comptroller shall retain
  the remaining 50 25 percent of the difference as general revenue
  dedicated to school district ad valorem tax rate compression. For
  the purposes of this subsection, the comptroller shall adjust the
  computation of revenues to reflect only 12 months of collection.
         (f)  The legislature may appropriate additional amounts to
  the economic stabilization fund.
         (g)  During each fiscal biennium, the amount in the economic
  stabilization fund may not exceed an amount equal to 10 percent of
  the total amount, excluding investment income, interest income, and
  amounts borrowed from special funds, deposited in general revenue
  during the preceding biennium.
         (h)  In preparing an estimate of anticipated revenues for a
  succeeding biennium as required by Article III, Section 49a, of
  this constitution, the comptroller shall estimate the amount of the
  transfers that will be made under Subsections (b), (d), and (e) of
  this section. The comptroller shall deduct that amount from the
  estimate of anticipated revenues as if the transfers were made on
  August 31 of that fiscal year.
         (i)  The comptroller shall credit to general revenue
  interest due to the economic stabilization fund that would result
  in an amount in the economic stabilization fund that exceeds the
  limit in effect under Subsection (g) of this section.
         (j)  The comptroller may transfer money from the economic
  stabilization fund to general revenue to prevent or eliminate a
  temporary cash deficiency in general revenue. The comptroller
  shall return the amount transferred to the economic stabilization
  fund as soon as practicable, but not later than August 31 of each
  odd-numbered year. The comptroller shall allocate the depository
  interest as if the transfers had not been made. If the comptroller
  submits a statement to the governor and the legislature under
  Article III, Section 49a, of this constitution when money from the
  economic stabilization fund is in general revenue, the comptroller
  shall state that the transferred money is not available for
  appropriation from general revenue.
         (k)  Amounts from the economic stabilization fund may be
  appropriated during a regular legislative session only for a
  purpose for which an appropriation from general revenue was made by
  the preceding legislature and may be appropriated in a special
  session only for a purpose for which an appropriation from general
  revenue was made in a preceding legislative session of the same
  legislature. An appropriation from the economic stabilization fund
  may be made only if the comptroller certifies that appropriations
  from general revenue made by the preceding legislature for the
  current biennium exceed available general revenues and cash
  balances for the remainder of that biennium. The amount of an
  appropriation from the economic stabilization fund may not exceed
  the difference between the comptroller's estimate of general
  revenue for the current biennium at the time the comptroller
  receives for certification the bill making the appropriation and
  the amount of general revenue appropriations for that biennium
  previously certified by the comptroller. Appropriations from the
  economic stabilization fund under this subsection may not extend
  beyond the last day of the current biennium. An appropriation from
  the economic stabilization fund must be approved by a three-fifths
  vote of the members present in each house of the legislature.
         (l)  If an estimate of anticipated revenues for a succeeding
  biennium prepared by the comptroller pursuant to Article III,
  Section 49a, of this constitution is less than the revenues that are
  estimated at the same time by the comptroller to be available for
  the current biennium, the legislature may, by a three-fifths vote
  of the members present in each house, appropriate for the
  succeeding biennium from the economic stabilization fund an amount
  not to exceed this difference. Following each fiscal year, the
  actual amount of revenue shall be computed, and if the estimated
  difference exceeds the actual difference, the comptroller shall
  transfer the amount necessary from general revenue to the economic
  stabilization fund so that the actual difference shall not be
  exceeded. If all or a portion of the difference in revenue from one
  biennium to the next results, at least in part, from a change in a
  tax rate or base adopted by the legislature, the computation of
  revenue difference shall be adjusted to the amount that would have
  been available had the rate or base not been changed.
         (m)  In addition to the appropriation authority provided by
  Subsections (k) and (l) of this section, the legislature may, by a
  two-thirds vote of the members present in each house, appropriate
  amounts from the economic stabilization fund at any time and for any
  purpose.
         (n)  Money appropriated from the economic stabilization fund
  is subject to being withheld or transferred, within any limits
  provided by statute, by any person or entity authorized to exercise
  the power granted by Article XVI, Section 69, of this constitution.
         (o)  In this section, "net" means the amount of money that is
  equal to the difference between gross collections and refunds
  before the comptroller allocates the receipts as provided by law.
         SECTION 2.  This proposed constitutional amendment shall be
  submitted to the voters at an election to be held November 5, 2019.
  The ballot shall be printed to permit voting for or against the
  proposition: "The constitutional amendment relating to dedicating
  certain severance tax collections for the reduction of school
  district tax rates."