| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 81R2909 BEF-F | |
| 2 | 2 | By: McClendon H.B. No. 564 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to the allocation to the Texas rail relocation and | |
| 8 | 8 | improvement fund of a portion of the revenue from the motor vehicle | |
| 9 | 9 | sales and use tax. | |
| 10 | 10 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 11 | 11 | SECTION 1. Section 152.122, Tax Code, is amended to read as | |
| 12 | 12 | follows: | |
| 13 | 13 | Sec. 152.122. ALLOCATION OF TAX. The comptroller shall | |
| 14 | 14 | deposit the funds received under Section 152.121 of this code as | |
| 15 | 15 | follows: | |
| 16 | 16 | (1) 1/4 to the credit of the foundation school fund; | |
| 17 | 17 | [and] | |
| 18 | 18 | (2) from the funds not deposited as provided by | |
| 19 | 19 | Subdivision (1), $200 million each state fiscal year to the credit | |
| 20 | 20 | of the Texas rail relocation and improvement fund under Section | |
| 21 | 21 | 49-o, Article III, Texas Constitution; and | |
| 22 | 22 | (3) after the amount required to be deposited under | |
| 23 | 23 | Subdivision (2) has been deposited, the remaining funds to the | |
| 24 | 24 | credit of the general revenue fund. | |
| 25 | 25 | SECTION 2. This Act takes effect September 1, 2009. |