TX
Texas House Bill HB313

Texas 2017 - 85th 1st C.S.

Texas House Bill HB313

Caption

Relating to allocating a portion of oil and gas production tax revenue to the counties from which the oil and gas originated.

Impact

The bill represents a significant shift in revenue allocation, as it establishes a trust fund specifically for counties, managed by the comptroller. This fund will ensure that counties receive timely payments to support infrastructure, particularly the maintenance and construction of roads and bridges affected by oil and gas extraction activities. By earmarking these revenues for infrastructure improvements, the bill aims to directly address the impact of oil and gas exploration and production on local communities, potentially enhancing public safety and economic development.

Summary

House Bill 313 seeks to allocate a portion of oil and gas production tax revenues directly to the counties from which the resources are extracted. This act modifies existing revenue allocation structures in the Texas Tax Code, specifically regarding the distribution of severance taxes collected from oil and gas production. The bill mandates that counties receive a share of the tax revenue equivalent to their respective contributions from local oil and gas production, thereby establishing a mechanism for counties to benefit financially from resources extracted within their borders.

Contention

While the bill is expected to provide essential revenue to counties, it may also raise concerns over the management of the trust fund and the effective allocation of resources. Opposition may arise from stakeholders worried about the implications of relying heavily on oil and gas revenues, which can be volatile and subject to market fluctuations. Additionally, discussions around environmental impact and the sustainability of funding infrastructure through fossil fuel production could also be points of contention as the legislature considers the long-term effects of such a financial strategy.

Companion Bills

No companion bills found.

Previously Filed As

TX HB2207

Relating to the allocation of certain constitutional transfers of money to the economic stabilization fund, the state highway fund, the oil and gas regulation and cleanup account, the Texas emissions reduction plan fund, the property tax relief fund, and the Texas severance tax revenue and oil and natural gas (Texas STRONG) defense fund and to the permissible uses of money deposited to the Texas severance tax revenue and oil and natural gas (Texas STRONG) defense fund.

TX HJR111

Proposing a constitutional amendment providing for the creation of the Texas severance tax revenue and oil and natural gas (Texas STRONG) defense fund, dedicating the money in that fund to benefit areas of the state significantly affected by oil and gas production, and providing for the transfer of certain general revenues to that fund, the economic stabilization fund, the state highway fund, the oil and gas regulation and cleanup account, the Texas emissions reduction plan fund, and the property tax relief fund.

TX HB4419

Relating to the promotion of film and television production in this state, including the eligibility of film or television productions for funding under the major events reimbursement program, the creation of a film events trust fund and a film production tax rebate trust fund, the establishment of virtual film production institutes, and the designation of media production development zones.

TX SB256

Relating to the applicability of the gas production tax to flared or vented gas at an increased rate.

TX HB4046

Relating to the reduction and plugging of orphaned oil and gas wells; providing for the imposition of a fee and an exemption from certain taxes and fees.

TX SB1686

Relating to the reduction and plugging of orphaned oil and gas wells; providing for the imposition of a fee and an exemption from certain taxes and fees.

TX HB228

Relating to the applicability of the gas production tax to flared or vented gas at an increased rate; imposing a tax.

TX SB2553

Relating to the establishment of a strategic reserve of gas and crude oil and a severance tax credit for delivering gas and oil to the reserve.

TX HJR27

Proposing a constitutional amendment providing for the creation of and use of money in the Grow Texas fund and allocating certain general revenues to that fund, the economic stabilization fund, and the state highway fund.

TX HB2056

Relating to a severance tax exemption for oil and gas produced from certain restimulation wells; providing a civil penalty.

Similar Bills

No similar bills found.