By: Eltife S.J.R. No. 5
SENATE JOINT RESOLUTION
proposing a constitutional amendment temporarily increasing the
rate of the state sales and use tax and dedicating revenue derived
from that rate increase to repaying certain transportation bonds
and other obligations.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Article VIII, Texas Constitution, is amended by
adding Section 32 to read as follows:
Sec. 32. (a) The state sales and use tax imposed on the
sale, storage, use, or other consumption in this state of a taxable
item under Chapter 151, Tax Code, or its successor is imposed at a
rate that is one-half of one percent more than the rates prescribed
by general law.
(b) The comptroller of public accounts shall deposit the net
revenue derived from the state sales and use tax described by
Subsection (a) of this section at a rate of one-half of one percent
to the credit of an account in the general revenue fund. Interest
earned on the account must be credited to the account.
(c) Revenue deposited in the account under Subsection (b) of
this section and interest credited to the account may be used only
to repay the principal of and interest on:
(1) the following obligations issued on or before
December 31, 2015:
(A) obligations issued as authorized by Section
49-k, Article III, of this constitution;
(B) bonds and other public securities issued as
authorized by Section 49-n, Article III, of this constitution, as
proposed by H.J.R. 28, 78th Legislature, Regular Session, 2003, and
by general law in effect on January 1, 2013; and
(C) general obligation bonds issued as
authorized by Section 49-p, Article III, of this constitution; and
(2) any refunding bonds issued to repay obligations
described by Subdivision (1).
(d) This section expires on the earlier of:
(1) September 1, 2030; or
(2) the date the principal of and interest on all
obligations described by Subsection (c) of this section are paid.
SECTION 2. The following temporary provision is added to
the Texas Constitution:
TEMPORARY PROVISION. (a) This temporary provision applies
to the constitutional amendment proposed by the 83rd Legislature,
Regular Session, 2013, temporarily increasing the rate of the state
sales and use tax and dedicating revenue derived from that rate
increase to repaying certain transportation bonds and other
obligations.
(b) Section 32, Article VIII, of this constitution takes
effect January 1, 2014.
(c) This temporary provision expires September 2, 2015.