85R678 CJC-D
By: Metcalf H.J.R. No. 41
A JOINT RESOLUTION
proposing a constitutional amendment concerning the use of
unencumbered surplus state revenues to provide for a rebate of
state franchise taxes.
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Article III, Texas Constitution, is amended by
adding Section 49-g-1 to read as follows:
Sec. 49-g-1. (a) Not later than the 90th day of each state
fiscal biennium, the comptroller shall ascertain the amount of the
unencumbered positive balance of general revenues on the last day
of the preceding state fiscal biennium that remains after the
transfer of revenues to the economic stabilization fund under
Subsection (b), Section 49-g, Article III, of this constitution.
(b) The legislature by general law shall provide a procedure
by which the comptroller shall issue to payers of this state's
franchise tax a rebate of franchise taxes paid during the preceding
state fiscal biennium so that:
(1) the total amount of rebates issued equals the
lesser of one-half of the amount of the remaining unencumbered
positive balance of general revenues ascertained under Subsection
(a) of this section or the total amount of state franchise taxes
collected during that preceding state fiscal biennium; and
(2) each payer of the franchise tax during that
preceding state fiscal biennium receives a share of the total
amount of rebates issued that is directly proportionate to the
share that the amount of that taxpayer's franchise taxes paid
during that preceding state fiscal biennium bears to the total
amount of franchise taxes collected during that preceding state
fiscal biennium.
SECTION 2. The following temporary provision is added to
the Texas Constitution:
TEMPORARY PROVISION. The constitutional amendment proposed
by the 85th Legislature, Regular Session, 2017, concerning the use
of unencumbered surplus state revenues to provide for a rebate of
state franchise taxes applies beginning with the state fiscal
biennium beginning September 1, 2019. This temporary provision
expires September 1, 2021.
SECTION 3. This proposed constitutional amendment shall be
submitted to the voters at an election to be held November 7, 2017.
The ballot shall be printed to permit voting for or against the
proposition: "The constitutional amendment concerning the use of
unencumbered surplus state revenues to provide for a rebate of
state franchise taxes."