81R12273 JJT-D
By: Laubenberg H.J.R. No. 126
A JOINT RESOLUTION
proposing a constitutional amendment to transfer certain surplus
state revenues to a sales tax relief fund to support state sales tax
holidays at the discretion of the comptroller.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subsection (g), Section 49-g, Article III, Texas
Constitution, is amended to read as follows:
(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. Amounts that would be deposited to
the economic stabilization fund as provided by Subsections (b),
(c), (d), and (e) of this section but for the limitation prescribed
by this subsection shall be transferred to a special fund in the
state treasury to be known as the sales tax relief fund. The sales
tax relief fund may be used only for a state sales tax relief period
as provided by this subsection and rules of the comptroller. If the
comptroller determines that the balance of the sales tax relief
fund will support a state sales tax relief period of at least two
days, the comptroller may declare a period during which state sales
tax rates are reduced by at least one-eighth of one cent for a
period the comptroller determines to be long enough so that the
difference between state sales tax receipts during the relief
period and the state sales tax receipts that would otherwise have
been collected during that period will equal not more than the
balance of the sales tax relief fund. The comptroller shall
transfer to the general revenue fund from the sales tax relief fund
an amount equal to the amount of revenue the comptroller estimates
was forgone as a result of the state sales tax relief period at any
time during that state fiscal biennium that the comptroller
determines appropriate. If the comptroller determines that the
balance of the sales tax relief fund will not support a state sales
tax relief period of at least two days, the comptroller may not
declare a relief period and shall retain the entire balance of the
sales tax relief fund in the fund for use only for a future state
sales tax relief period. The comptroller shall credit to the sales
tax relief fund interest on and other earnings of the fund. The
comptroller may recover from the sales tax relief fund expenses
incurred in administering this subsection without the necessity of
an appropriation.
SECTION 2. The following temporary provision is added to
the Texas Constitution:
TEMPORARY PROVISION. This temporary provision expires
December 31, 2012. The changes made by the amendment to Section
49-g, Article III, of this constitution apply beginning with any
unencumbered positive balance of general revenues on August 31,
2011.
SECTION 3. This proposed constitutional amendment shall be
submitted to the voters at an election to be held November 3, 2009.
The ballot shall be printed to provide for voting for or against the
proposition: "The constitutional amendment to transfer certain
surplus state revenues to a sales tax relief fund to support state
sales tax holidays at the discretion of the comptroller."