| 1 | 1 | | 85R678 CJC-D |
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| 2 | 2 | | By: Creighton S.J.R. No. 14 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A JOINT RESOLUTION |
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| 6 | 6 | | proposing a constitutional amendment concerning the use of |
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| 7 | 7 | | unencumbered surplus state revenues to provide for a rebate of |
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| 8 | 8 | | state franchise taxes. |
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| 9 | 9 | | BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Article III, Texas Constitution, is amended by |
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| 11 | 11 | | adding Section 49-g-1 to read as follows: |
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| 12 | 12 | | Sec. 49-g-1. (a) Not later than the 90th day of each state |
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| 13 | 13 | | fiscal biennium, the comptroller shall ascertain the amount of the |
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| 14 | 14 | | unencumbered positive balance of general revenues on the last day |
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| 15 | 15 | | of the preceding state fiscal biennium that remains after the |
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| 16 | 16 | | transfer of revenues to the economic stabilization fund under |
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| 17 | 17 | | Subsection (b), Section 49-g, Article III, of this constitution. |
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| 18 | 18 | | (b) The legislature by general law shall provide a procedure |
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| 19 | 19 | | by which the comptroller shall issue to payers of this state's |
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| 20 | 20 | | franchise tax a rebate of franchise taxes paid during the preceding |
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| 21 | 21 | | state fiscal biennium so that: |
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| 22 | 22 | | (1) the total amount of rebates issued equals the |
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| 23 | 23 | | lesser of one-half of the amount of the remaining unencumbered |
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| 24 | 24 | | positive balance of general revenues ascertained under Subsection |
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| 25 | 25 | | (a) of this section or the total amount of state franchise taxes |
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| 26 | 26 | | collected during that preceding state fiscal biennium; and |
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| 27 | 27 | | (2) each payer of the franchise tax during that |
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| 28 | 28 | | preceding state fiscal biennium receives a share of the total |
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| 29 | 29 | | amount of rebates issued that is directly proportionate to the |
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| 30 | 30 | | share that the amount of that taxpayer's franchise taxes paid |
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| 31 | 31 | | during that preceding state fiscal biennium bears to the total |
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| 32 | 32 | | amount of franchise taxes collected during that preceding state |
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| 33 | 33 | | fiscal biennium. |
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| 34 | 34 | | SECTION 2. The following temporary provision is added to |
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| 35 | 35 | | the Texas Constitution: |
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| 36 | 36 | | TEMPORARY PROVISION. The constitutional amendment proposed |
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| 37 | 37 | | by the 85th Legislature, Regular Session, 2017, concerning the use |
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| 38 | 38 | | of unencumbered surplus state revenues to provide for a rebate of |
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| 39 | 39 | | state franchise taxes applies beginning with the state fiscal |
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| 40 | 40 | | biennium beginning September 1, 2019. This temporary provision |
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| 41 | 41 | | expires September 1, 2021. |
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| 42 | 42 | | SECTION 3. This proposed constitutional amendment shall be |
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| 43 | 43 | | submitted to the voters at an election to be held November 7, 2017. |
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| 44 | 44 | | The ballot shall be printed to permit voting for or against the |
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| 45 | 45 | | proposition: "The constitutional amendment concerning the use of |
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| 46 | 46 | | unencumbered surplus state revenues to provide for a rebate of |
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| 47 | 47 | | state franchise taxes." |
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