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A BILL TO BE ENTITLED
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relating to the allocation to the state highway fund and the |
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available school fund of certain motor vehicle sales, use, and |
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rental tax revenue and to the uses of the revenue allocated to the |
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state highway fund. |
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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 152.1223 to read as follows: |
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Sec. 152.1223. 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, 2017; |
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(2) is received under Sections 152.043, 152.045, |
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152.047, and 152.121, is derived from the taxes imposed under |
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Sections 152.021, 152.022, 152.023, 152.026, and 152.028, and is |
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remaining after the comptroller makes the allocation required by |
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Section 152.1222; and |
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(3) exceeds the first $2.5 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 comptroller shall deposit all money received |
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to the credit of the state highway fund until a total of $2.5 |
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billion has been deposited to the fund under this subdivision in the |
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state fiscal year; and |
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(2) the comptroller shall deposit any additional money |
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received in the state fiscal year as follows: |
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(A) fifty percent to the credit of the state |
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highway fund; |
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(B) thirty percent to the credit of the general |
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revenue fund; and |
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(C) twenty percent to the credit of the available |
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school 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, 2015. |