By: Perry, et al. S.J.R. No. 66
 
 
 
   
 
 
 
A JOINT RESOLUTION
  proposing a constitutional amendment dedicating a portion of the
  revenue derived from state sales and use taxes and insurance
  premium taxes to the Texas water fund.
         BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 49-d-16, Article III, Texas
  Constitution, as proposed by S.J.R. 75, 88th Legislature, Regular
  Session, 2023, is amended by amending Subsections (c) and (e) and
  adding Subsections (e-1), (e-2), and (e-3) to read as follows:
         (c)  The Texas water fund consists of:
               (1)  money transferred or deposited to the credit of
  the fund under this constitution or by general law, including money
  appropriated by the legislature directly to the fund and money from
  any source transferred or deposited to the credit of the fund
  authorized by this constitution or by general law;
               (2)  any other revenue that the legislature by statute
  dedicates for deposit to the credit of the fund;
               (3)  investment earnings and interest earned on amounts
  credited to the fund;
               (4)  money from gifts, grants, or donations to the
  fund; and
               (5)  money returned from any authorized transfer.
         (e)  For the period of 10 state fiscal years beginning
  September 1, 2043, and for each period of 10 state fiscal years that
  occur after that period has ended, the legislature by general law
  may allocate for transfer to the funds and accounts administered by
  the Texas Water Development Board or that board's successor the
  money deposited to the credit of the Texas water fund under Section
  7-e, Article VIII, of this constitution.  The allocation of money
  prescribed by a general law enacted under this subsection may not be
  amended by the legislature during the 10-year period for which the
  money is allocated.  Any money deposited to the credit of the Texas
  water fund under Section 7-e, Article VIII, of this constitution
  that is not allocated by a general law enacted under this subsection
  may be transferred to other funds or accounts by the Texas Water
  Development Board or that board's successor in accordance with
  Subsection  (b)  of this section.
         (e-1)  Of the amount of money initially appropriated to the
  Texas water fund, the administrator of the fund shall allocate not
  less than 25 percent to be used only for transfer to the New Water
  Supply for Texas Fund.
         (e-2)  Of the amount of money deposited to the credit of the
  Texas water fund under Section 7-e, Article VIII, of this
  constitution before September 1, 2043, the administrator of the
  fund shall allocate not less than 80 percent to be used only for
  transfer to the New Water Supply for Texas Fund.
         (e-3)  This subsection and Subsections (e-1) and (e-2) of
  this section expire August 31, 2043.
         SECTION 2.  Article VIII, Texas Constitution, is amended by
  adding Section 7-e to read as follows:
         Sec. 7-e.  (a)  Subject to Section 7-d of this article and
  Subsections  (b)  and (c)  of this section, in each state fiscal
  year, the comptroller of public accounts shall deposit to the
  credit of the Texas water fund:
               (1)  the net revenue derived from the imposition of the
  state sales and use tax on the sale, storage, use, or other
  consumption in this state of taxable items under Chapter 151, Tax
  Code, or its successor, that exceeds the first $46.5 billion of that
  revenue coming into the treasury in that state fiscal year,
  provided that the total amount deposited to the credit of the Texas
  water fund under this subsection in a state fiscal year may not
  exceed $500 million; and
               (2)  the first $500 million of the net revenue derived
  from the imposition of the insurance premium taxes on the taxable
  gross premiums, gross premium receipts, and gross revenues from the
  sale of certificates or contracts subject to those taxes under
  Subtitle B, Title 3, Insurance Code, or its successor, coming into
  the treasury in that state fiscal year.
         (b)  The legislature by adoption of a resolution approved by
  a record vote of two-thirds of the members of each house of the
  legislature may direct the comptroller of public accounts to reduce
  the amount of money deposited to the credit of the Texas water fund
  under Subsection  (a)  of this section.  The comptroller may be
  directed to make that reduction only:
               (1)  in the state fiscal year in which the resolution is
  adopted, or in either of the following two state fiscal years; and
               (2)  by an amount or percentage that does not result in
  a reduction of more than 50 percent of the amount that would
  otherwise be deposited to the fund in the affected state fiscal year
  under the applicable subsection of this section.
         (c)  Subject to Subsection  (d)  of this section, the duty of
  the comptroller of public accounts to make a deposit under
  Subsection (a) of this section expires August 31, 2043.
         (d)  The legislature by adoption of a concurrent resolution
  approved by a record vote of a majority of the members of each house
  of the legislature may extend, in 10-year increments, the duty of
  the comptroller of public accounts to make a deposit under
  Subsection (a) of this section beyond the date prescribed by
  Subsection (c) of this section.
         SECTION 3.  The following temporary provision is added to
  the Texas Constitution:
         TEMPORARY PROVISION. (a)  This temporary provision applies
  to the constitutional amendment proposed by the 89th Legislature,
  Regular Session, 2025, dedicating a portion of the revenue derived
  from state sales and use taxes and the insurance premium taxes to
  the Texas water fund.
         (b)  Section 7-e,  Article VIII, of this constitution takes
  effect September 1, 2027.
         (c)  This temporary provision expires September 1, 2028.
         SECTION 4.  This proposed constitutional amendment shall be
  submitted to the voters at an election to be held November 4, 2025.
  The ballot shall be printed to permit voting for or against the
  proposition: "The constitutional amendment dedicating a portion of
  the revenue derived from state sales and use taxes and insurance
  premium taxes to the Texas water fund."