By: Nichols, et al. S.B. No. 5
(In the Senate - Filed February 4, 2015; February 9, 2015,
read first time and referred to Committee on Transportation;
March 2, 2015, reported adversely, with favorable Committee
Substitute by the following vote: Yeas 8, Nays 1; March 2, 2015,
sent to printer.)
Click here to see the committee vote
COMMITTEE SUBSTITUTE FOR S.B. No. 5 By: Nichols
A BILL TO BE ENTITLED
AN ACT
relating to the allocation of certain motor vehicle sales, use, and
rental tax revenue to the state highway fund and to the uses of that
revenue.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter G, Chapter 152, Tax Code, is amended
by adding Section 152.1223 to read as follows:
Sec. 152.1223. ALLOCATION OF CERTAIN TAX REVENUE TO STATE
HIGHWAY FUND. (a) This section applies only to money that:
(1) the comptroller receives in a state fiscal year
that begins on or after September 1, 2017;
(2) is received under Sections 152.043, 152.045,
152.047, and 152.121, is derived from the taxes imposed under
Sections 152.021, 152.022, 152.023, 152.026, and 152.028, and is
remaining after the comptroller makes the allocation required by
Section 152.1222; and
(3) exceeds the first $2.5 billion of the money
described by Subdivisions (1) and (2) that is received in that state
fiscal year.
(b) Notwithstanding Section 152.122, the comptroller shall
deposit the money to which this section applies as follows:
(1) the comptroller shall deposit all money received
to the credit of the state highway fund until a total of $2.5
billion has been deposited to the fund under this subdivision in the
state fiscal year; and
(2) the comptroller shall deposit any additional money
received in the state fiscal year as follows:
(A) one-half to the credit of the state highway
fund; and
(B) the remainder to the credit of the general
revenue fund.
(c) Money deposited to the credit of the state highway fund
under this section may be appropriated only to:
(1) construct, maintain, or acquire rights-of-way for
public roadways other than toll roads; or
(2) repay the principal of and interest on general
obligation bonds issued as authorized by Section 49-p, Article III,
Texas Constitution.
SECTION 2. This Act takes effect September 1, 2015.
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