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