84R9730 CJC-D
By: Fletcher H.B. No. 3763
A BILL TO BE ENTITLED
AN ACT
relating to the allocation of certain increases in state sales tax
revenue due to transportation projects to the state highway fund
through the use of economic impact zones established by the Texas
Department of Transportation.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Chapter 222, Transportation Code, is amended by
adding Subchapter F to read as follows:
SUBCHAPTER F. ECONOMIC IMPACT ZONES
Sec. 222.151. DEFINITIONS. In this subchapter:
(1) "Base year amount" means the amount of state sales
tax revenue collected in a zone during the calendar year in which
the zone is established.
(2) "Sales tax increment" means the amount in any
calendar year after the year in which the zone was established by
which state sales tax revenue collected in the zone exceeds the base
year amount.
(3) "Zone" means an economic impact zone established
under this subchapter.
Sec. 222.152. AUTHORITY TO ESTABLISH ZONE. (a) The
department may establish an economic impact zone around a
transportation project, subject to certification by the
Legislative Budget Board.
(b) To the greatest extent practicable, the department
shall collaborate with a municipality or county in which a zone will
be located in establishing the zone.
Sec. 222.153. ECONOMIC IMPACT STATEMENT; LEGISLATIVE
BUDGET BOARD CERTIFICATION. (a) Before the department establishes
a zone, the department must prepare an economic impact statement
and submit the statement to the Legislative Budget Board.
(b) The economic impact statement must:
(1) clearly designate the boundaries of the zone;
(2) identify the base year amount for the zone; and
(3) contain estimates of the amount of state sales tax
collections in the zone for the 30-year period following
establishment of the zone.
(c) After reviewing the economic impact statement, the
Legislative Budget Board may certify the zone or return the
statement to the department if the board determines more
information is needed before the zone may be certified.
(d) The department may establish a zone certified by the
board at any time during the 12 months following certification.
Sec. 222.154. COMPTROLLER ALLOCATION OF INCREMENT. (a)
The department shall notify the comptroller of the department's
establishment of a zone not later than the 30th day after the date
the zone is established. The notification must include a copy of
the zone's certification by the Legislative Budget Board.
(b) Beginning on the first day of the calendar month
following the establishment of the zone, the comptroller shall
deposit the sales tax increment collected by or forwarded to the
comptroller in a separate account outside the treasury with the
comptroller. The comptroller may make a transfer authorized by
this section from the account without the necessity of an
appropriation.
(c) The comptroller may estimate the amount of sales tax
increment that will be deposited under Subsection (b) during each
calendar year. The comptroller may make deposits to the account on
a monthly basis based on the estimate. At the end of each calendar
year, the comptroller shall adjust the deposits to reflect the
amount of revenue actually deposited to the account during the
calendar year.
(d) On January 1 of each calendar year, the comptroller
shall transfer the money deposited under Subsection (b) as follows:
(1) 20 percent to the credit of the state highway fund;
and
(2) the remainder to the credit of the general revenue
fund.
(e) On termination of the zone, the comptroller shall
transfer any money deposited under Subsection (b) that remains to
the credit of the general revenue fund.
Sec. 222.155. TERMINATION. A zone created under this
subchapter terminates on the 30th anniversary of the date the zone
was established.
SECTION 2. This Act takes effect September 1, 2015.