84R677 CJC-D
By: Goldman H.B. No. 129
A BILL TO BE ENTITLED
AN ACT
relating to the allocation to the state highway fund of revenue from
the taxes imposed on the sale, rental, or use of motor vehicles and
other taxes imposed on motor vehicles.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 152.122, Tax Code, is amended to read as
follows:
Sec. 152.122. ALLOCATION OF TAX. The comptroller shall
deposit to the credit of the state highway fund all of the revenue
received by the comptroller that is derived from the taxes and
penalties imposed by this chapter [the funds received under Section
152.121 of this code as follows:
[(1) 1/4 to the credit of the foundation school fund;
and
[(2) the remaining funds to the credit of the general
revenue fund].
SECTION 2. Section 152.1222, Tax Code, is repealed.
SECTION 3. In addition to the substantive changes made by
this Act, this Act conforms Section 152.122, Tax Code, to the method
of allocating motor vehicle sales and use taxes in effect before the
effective date of this Act. Section 11.04, Chapter 4 (S.B. 3), Acts
of the 72nd Legislature, 1st Called Session, 1991, enacted former
Section 403.094(h), Government Code, which abolished certain state
fund dedications and resulted in the abolition of the allocation to
the foundation school fund effective August 31, 1995.
SECTION 4. This Act takes effect September 1, 2015.