Bill Text: TX SJR47 | 2013-2014 | 83rd Legislature | Introduced


Bill Title: Proposing a constitutional amendment increasing the rate of the state sales and use tax and dedicating revenue derived from that rate increase to repaying certain transportation bonds.

Status: (Introduced) 2013-04-08 - Left pending in subcommittee [SJR47 Detail]

Download: Texas-2013-SJR47-Introduced.html
  83R12224 KLA-D
 
  By: Eltife S.J.R. No. 47
 
 
 
A JOINT RESOLUTION
  proposing a constitutional amendment increasing the rate of the
  state sales and use tax and dedicating revenue derived from that
  rate increase to repaying certain transportation bonds.
         BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Article VIII, Texas Constitution, is amended by
  adding Section 32 to read as follows:
         Sec. 32.  (a)  The state sales and use tax imposed on the
  sale, storage, use, or other consumption in this state of a taxable
  item under Chapter 151, Tax Code, or its successor is imposed at a
  rate that is one-half of one percent more than the rates prescribed
  by general law.
         (b)  The comptroller of public accounts shall deposit the net
  revenue derived from the state sales and use tax described by
  Subsection (a) of this section at a rate of one-half of one percent
  to the credit of an account in the general revenue fund. Interest
  earned on the account must be credited to the account.
         (c)  Revenue deposited in the account under Subsection (b) of
  this section and interest credited to the account may be used only
  to repay the principal of and interest on general obligation bonds
  issued by or on behalf of the Texas Department of Transportation on
  or before January 1, 2013, or the principal of and interest on any
  refunding bonds issued to repay those bonds.
         (d)  This section expires on the earlier of:
               (1)  September 1, 2030; or
               (2)  the date the principal of and interest on all bonds
  described by Subsection (c) of this section are paid.
         SECTION 2.  The following temporary provision is added to
  the Texas Constitution:
         TEMPORARY PROVISION. (a)  This temporary provision applies
  to the constitutional amendment proposed by the 83rd Legislature,
  Regular Session, 2013, increasing the rate of the state sales and
  use tax and dedicating revenue derived from that rate increase to
  repaying certain transportation bonds.
         (b)  Section 32, Article VIII, of this constitution takes
  effect January 1, 2014.
         (c)  This temporary provision expires September 2, 2015.
         SECTION 3.  This proposed constitutional amendment shall be
  submitted to the voters at an election to be held November 5, 2013.
  The ballot shall be printed to provide for voting for or against the
  proposition: "The constitutional amendment increasing the rate of
  the state sales and use tax by one-half of one percent and
  dedicating revenue derived from that rate increase to repaying
  certain transportation bonds."
feedback