Texas 2019 - 86th Regular

Texas Senate Bill SJR77 Compare Versions

Only one version of the bill is available at this time.

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1	1	By: Taylor S.J.R. No. 77
2	2
3	3
4	4	SENATE JOINT RESOLUTION
5	5	proposing a constitutional amendment relating to the dedication of
6	6	certain severance tax collections for school district ad valorem
7	7	tax compression.
8	8	BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
9	9	SECTION 1. Section 49-g, Article III, Texas Constitution,
10	10	is amended to read as follows:
11	11	Sec. 49-g. ECONOMIC STABILIZATION FUND; ALLOCATION OF
12	12	CERTAIN OIL AND GAS PRODUCTION TAX REVENUE. (a) The economic
13	13	stabilization fund is established as a special fund in the state
14	14	treasury.
15	15	(b) The comptroller shall, not later than the 90th day of
16	16	each biennium, transfer to the economic stabilization fund one-half
17	17	of any unencumbered positive balance of general revenues on the
18	18	last day of the preceding biennium. If necessary, the comptroller
19	19	shall reduce the amount transferred in proportion to the other
20	20	amounts prescribed by this section to prevent the amount in the fund
21	21	from exceeding the limit in effect for that biennium under
22	22	Subsection (g) of this section.
23	23	(c) Not later than the 90th day of each fiscal year, the
24	24	comptroller of public accounts shall transfer from the general
25	25	revenue fund to the economic stabilization fund and the state
26	26	highway fund the sum of the amounts described by Subsections (d) and
27	27	(e) of this section, to be allocated as provided by Subsections
28	28	(c-1) and (c-2) of this section. However, if necessary and
29	29	notwithstanding the allocations prescribed by Subsections (c-1)
30	30	and (c-2) of this section, the comptroller shall reduce
31	31	proportionately the amounts described by Subsections (d) and (e) of
32	32	this section to be transferred and allocated to the economic
33	33	stabilization fund to prevent the amount in that fund from
34	34	exceeding the limit in effect for that biennium under Subsection
35	35	(g) of this section. Revenue transferred to the state highway fund
36	36	under this subsection may be used only for constructing,
37	37	maintaining, and acquiring rights-of-way for public roadways other
38	38	than toll roads.
39	39	(c-1) Of the sum of the amounts described by Subsections (d)
40	40	and (e) of this section and required to be transferred from the
41	41	general revenue fund under Subsection (c) of this section, the
42	42	comptroller shall allocate 25 percent one-half to the economic
43	43	stabilization fund and the remainder to the state highway fund,
44	44	except as provided by Subsection (c-2) of this section.
45	45	(c-2) The legislature by general law shall provide for a
46	46	procedure by which the allocation of the sum of the amounts
47	47	described by Subsections (d) and (e) of this section may be adjusted
48	48	to provide for a transfer to the economic stabilization fund of an
49	49	amount greater than the allocation provided for under Subsection
50	50	(c-1) of this section with the remainder of that sum, if any,
51	51	allocated for transfer to the state highway fund. The allocation
52	52	made as provided by that general law is binding on the comptroller
53	53	for the purposes of the transfers required by Subsection (c) of this
54	54	section.
55	55	(d) If in the preceding year the state received from oil
56	56	production taxes a net amount greater than the net amount of oil
57	57	production taxes received by the state in the fiscal year ending
58	58	August 31, 1987, the comptroller shall transfer under Subsection
59	59	(c) of this section and allocate in accordance with Subsections
60	60	(c-1) and (c-2) of this section an amount equal to 50 75 percent of
61	61	the difference between those amounts. The comptroller shall retain
62	62	the remaining 50 25 percent of the difference as general revenue
63	63	dedicated to school district ad valorem tax rate compression. In
64	64	computing the net amount of oil production taxes received, the
65	65	comptroller may not consider refunds paid as a result of oil
66	66	overcharge litigation.
67	67	(e) If in the preceding year the state received from gas
68	68	production taxes a net amount greater than the net amount of gas
69	69	production taxes received by the state in the fiscal year ending
70	70	August 31, 1987, the comptroller shall transfer under Subsection
71	71	(c) of this section and allocate in accordance with Subsections
72	72	(c-1) and (c-2) of this section an amount equal to 50 75 percent of
73	73	the difference between those amounts. The comptroller shall retain
74	74	the remaining 50 25 percent of the difference as general revenue
75	75	dedicated to school district ad valorem tax rate compression. For
76	76	the purposes of this subsection, the comptroller shall adjust the
77	77	computation of revenues to reflect only 12 months of collection.
78	78	(f) The legislature may appropriate additional amounts to
79	79	the economic stabilization fund.
80	80	(g) During each fiscal biennium, the amount in the economic
81	81	stabilization fund may not exceed an amount equal to 10 percent of
82	82	the total amount, excluding investment income, interest income, and
83	83	amounts borrowed from special funds, deposited in general revenue
84	84	during the preceding biennium.
85	85	(h) In preparing an estimate of anticipated revenues for a
86	86	succeeding biennium as required by Article III, Section 49a, of
87	87	this constitution, the comptroller shall estimate the amount of the
88	88	transfers that will be made under Subsections (b), (d), and (e) of
89	89	this section. The comptroller shall deduct that amount from the
90	90	estimate of anticipated revenues as if the transfers were made on
91	91	August 31 of that fiscal year.
92	92	(i) The comptroller shall credit to general revenue
93	93	interest due to the economic stabilization fund that would result
94	94	in an amount in the economic stabilization fund that exceeds the
95	95	limit in effect under Subsection (g) of this section.
96	96	(j) The comptroller may transfer money from the economic
97	97	stabilization fund to general revenue to prevent or eliminate a
98	98	temporary cash deficiency in general revenue. The comptroller
99	99	shall return the amount transferred to the economic stabilization
100	100	fund as soon as practicable, but not later than August 31 of each
101	101	odd-numbered year. The comptroller shall allocate the depository
102	102	interest as if the transfers had not been made. If the comptroller
103	103	submits a statement to the governor and the legislature under
104	104	Article III, Section 49a, of this constitution when money from the
105	105	economic stabilization fund is in general revenue, the comptroller
106	106	shall state that the transferred money is not available for
107	107	appropriation from general revenue.
108	108	(k) Amounts from the economic stabilization fund may be
109	109	appropriated during a regular legislative session only for a
110	110	purpose for which an appropriation from general revenue was made by
111	111	the preceding legislature and may be appropriated in a special
112	112	session only for a purpose for which an appropriation from general
113	113	revenue was made in a preceding legislative session of the same
114	114	legislature. An appropriation from the economic stabilization fund
115	115	may be made only if the comptroller certifies that appropriations
116	116	from general revenue made by the preceding legislature for the
117	117	current biennium exceed available general revenues and cash
118	118	balances for the remainder of that biennium. The amount of an
119	119	appropriation from the economic stabilization fund may not exceed
120	120	the difference between the comptroller's estimate of general
121	121	revenue for the current biennium at the time the comptroller
122	122	receives for certification the bill making the appropriation and
123	123	the amount of general revenue appropriations for that biennium
124	124	previously certified by the comptroller. Appropriations from the
125	125	economic stabilization fund under this subsection may not extend
126	126	beyond the last day of the current biennium. An appropriation from
127	127	the economic stabilization fund must be approved by a three-fifths
128	128	vote of the members present in each house of the legislature.
129	129	(l) If an estimate of anticipated revenues for a succeeding
130	130	biennium prepared by the comptroller pursuant to Article III,
131	131	Section 49a, of this constitution is less than the revenues that are
132	132	estimated at the same time by the comptroller to be available for
133	133	the current biennium, the legislature may, by a three-fifths vote
134	134	of the members present in each house, appropriate for the
135	135	succeeding biennium from the economic stabilization fund an amount
136	136	not to exceed this difference. Following each fiscal year, the
137	137	actual amount of revenue shall be computed, and if the estimated
138	138	difference exceeds the actual difference, the comptroller shall
139	139	transfer the amount necessary from general revenue to the economic
140	140	stabilization fund so that the actual difference shall not be
141	141	exceeded. If all or a portion of the difference in revenue from one
142	142	biennium to the next results, at least in part, from a change in a
143	143	tax rate or base adopted by the legislature, the computation of
144	144	revenue difference shall be adjusted to the amount that would have
145	145	been available had the rate or base not been changed.
146	146	(m) In addition to the appropriation authority provided by
147	147	Subsections (k) and (l) of this section, the legislature may, by a
148	148	two-thirds vote of the members present in each house, appropriate
149	149	amounts from the economic stabilization fund at any time and for any
150	150	purpose.
151	151	(n) Money appropriated from the economic stabilization fund
152	152	is subject to being withheld or transferred, within any limits
153	153	provided by statute, by any person or entity authorized to exercise
154	154	the power granted by Article XVI, Section 69, of this constitution.
155	155	(o) In this section, "net" means the amount of money that is
156	156	equal to the difference between gross collections and refunds
157	157	before the comptroller allocates the receipts as provided by law.
158	158	SECTION 2. This proposed constitutional amendment shall be
159	159	submitted to the voters at an election to be held November 5, 2019.
160	160	The ballot shall be printed to permit voting for or against the
161	161	proposition: "The constitutional amendment relating to dedicating
162	162	certain severance tax collections for the reduction of school
163	163	district tax rates."