Bill Text: TX SB5 | 2015-2016 | 84th Legislature | Comm Sub
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to the allocation to the state highway fund and the available school fund of certain motor vehicle sales, use, and rental tax revenue and to the uses of the revenue allocated to the state highway fund.
Spectrum: Slight Partisan Bill (Republican 18-6)
Status: (Engrossed - Dead) 2015-04-15 - Referred to Transportation [SB5 Detail]
Download: Texas-2015-SB5-Comm_Sub.html
Bill Title: Relating to the allocation to the state highway fund and the available school fund of certain motor vehicle sales, use, and rental tax revenue and to the uses of the revenue allocated to the state highway fund.
Spectrum: Slight Partisan Bill (Republican 18-6)
Status: (Engrossed - Dead) 2015-04-15 - Referred to Transportation [SB5 Detail]
Download: Texas-2015-SB5-Comm_Sub.html
| By: Nichols, et al. | S.B. No. 5 | |
| (In the Senate - Filed February 4, 2015; February 9, 2015, | ||
| read first time and referred to Committee on Transportation; | ||
| March 2, 2015, reported adversely, with favorable Committee | ||
| Substitute by the following vote: Yeas 8, Nays 1; March 2, 2015, | ||
| sent to printer.) | ||
| COMMITTEE SUBSTITUTE FOR S.B. No. 5 | By: Nichols | |
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| relating to the allocation of certain motor vehicle sales, use, and | ||
| rental tax revenue to the state highway fund and to the uses of that | ||
| revenue. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subchapter G, Chapter 152, Tax Code, is amended | ||
| by adding Section 152.1223 to read as follows: | ||
| Sec. 152.1223. ALLOCATION OF CERTAIN TAX REVENUE TO STATE | ||
| HIGHWAY FUND. (a) This section applies only to money that: | ||
| (1) the comptroller receives in a state fiscal year | ||
| that begins on or after September 1, 2017; | ||
| (2) is received under Sections 152.043, 152.045, | ||
| 152.047, and 152.121, is derived from the taxes imposed under | ||
| Sections 152.021, 152.022, 152.023, 152.026, and 152.028, and is | ||
| remaining after the comptroller makes the allocation required by | ||
| Section 152.1222; and | ||
| (3) exceeds the first $2.5 billion of the money | ||
| described by Subdivisions (1) and (2) that is received in that state | ||
| fiscal year. | ||
| (b) Notwithstanding Section 152.122, the comptroller shall | ||
| deposit the money to which this section applies as follows: | ||
| (1) the comptroller shall deposit all money received | ||
| to the credit of the state highway fund until a total of $2.5 | ||
| billion has been deposited to the fund under this subdivision in the | ||
| state fiscal year; and | ||
| (2) the comptroller shall deposit any additional money | ||
| received in the state fiscal year as follows: | ||
| (A) one-half to the credit of the state highway | ||
| fund; and | ||
| (B) the remainder to the credit of the general | ||
| revenue fund. | ||
| (c) Money deposited to the credit of the state highway fund | ||
| under this section may be appropriated only to: | ||
| (1) construct, maintain, or acquire rights-of-way for | ||
| public roadways other than toll roads; or | ||
| (2) repay the principal of and interest on general | ||
| obligation bonds issued as authorized by Section 49-p, Article III, | ||
| Texas Constitution. | ||
| SECTION 2. This Act takes effect September 1, 2015. | ||
| * * * * * | ||
