LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION April 22, 2009 TO: Honorable Rene Oliveira, Chair, House Committee on Ways & Means FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:HJR130 by Paxton (Proposing a constitutional amendment establishing the Texas power source fund.), As Introduced It is unknown the amount of investments that would be made and therefore the fiscal impact is indeterminable. The cost to the state for publication of the resolution is $90,882. The resolution would propose a constitutional amendment establishing the Texas Power Source Fund outside the state Treasury and require the Comptroller of Public Accounts to provide matching investments funds up to $500 million in General Revenue once private investors have contributed a minimum of $500 million. The bill would also allow for certain tax reductions for individual fund investors. In addition, the bill requires the governor to appoint a nine member board of trustees to manage the fund, hire necessary administrative staff, and appoint regional investment boards. The bill would require an annual report be provided to the legislature regarding the finance and operation of the fund. Local Government Impact It is unknown the amount of investments that would be made and therefore the fiscal impact is indeterminable. Source Agencies:301 Office of the Governor, 304 Comptroller of Public Accounts LBB Staff: JOB, MN, MS, BTA, JM
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION
April 22, 2009
TO: Honorable Rene Oliveira, Chair, House Committee on Ways & Means FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:HJR130 by Paxton (Proposing a constitutional amendment establishing the Texas power source fund.), As Introduced
TO: Honorable Rene Oliveira, Chair, House Committee on Ways & Means
FROM: John S. O'Brien, Director, Legislative Budget Board
IN RE: HJR130 by Paxton (Proposing a constitutional amendment establishing the Texas power source fund.), As Introduced
Honorable Rene Oliveira, Chair, House Committee on Ways & Means
Honorable Rene Oliveira, Chair, House Committee on Ways & Means
John S. O'Brien, Director, Legislative Budget Board
John S. O'Brien, Director, Legislative Budget Board
HJR130 by Paxton (Proposing a constitutional amendment establishing the Texas power source fund.), As Introduced
HJR130 by Paxton (Proposing a constitutional amendment establishing the Texas power source fund.), As Introduced
It is unknown the amount of investments that would be made and therefore the fiscal impact is indeterminable. The cost to the state for publication of the resolution is $90,882.
It is unknown the amount of investments that would be made and therefore the fiscal impact is indeterminable. The cost to the state for publication of the resolution is $90,882.
It is unknown the amount of investments that would be made and therefore the fiscal impact is indeterminable.
The cost to the state for publication of the resolution is $90,882.
The resolution would propose a constitutional amendment establishing the Texas Power Source Fund outside the state Treasury and require the Comptroller of Public Accounts to provide matching investments funds up to $500 million in General Revenue once private investors have contributed a minimum of $500 million. The bill would also allow for certain tax reductions for individual fund investors. In addition, the bill requires the governor to appoint a nine member board of trustees to manage the fund, hire necessary administrative staff, and appoint regional investment boards. The bill would require an annual report be provided to the legislature regarding the finance and operation of the fund.
The resolution would propose a constitutional amendment establishing the Texas Power Source Fund outside the state Treasury and require the Comptroller of Public Accounts to provide matching investments funds up to $500 million in General Revenue once private investors have contributed a minimum of $500 million. The bill would also allow for certain tax reductions for individual fund investors. In addition, the bill requires the governor to appoint a nine member board of trustees to manage the fund, hire necessary administrative staff, and appoint regional investment boards. The bill would require an annual report be provided to the legislature regarding the finance and operation of the fund.
Local Government Impact
It is unknown the amount of investments that would be made and therefore the fiscal impact is indeterminable.
Source Agencies: 301 Office of the Governor, 304 Comptroller of Public Accounts
301 Office of the Governor, 304 Comptroller of Public Accounts
LBB Staff: JOB, MN, MS, BTA, JM
JOB, MN, MS, BTA, JM