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SENATE JOINT RESOLUTION
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proposing a constitutional amendment temporarily increasing the |
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rate of the state sales and use tax and dedicating revenue derived |
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from that rate increase to repaying certain transportation bonds |
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and other obligations. |
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BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Article VIII, Texas Constitution, is amended by |
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adding Section 32 to read as follows: |
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Sec. 32. (a) The state sales and use tax imposed on the |
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sale, storage, use, or other consumption in this state of a taxable |
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item under Chapter 151, Tax Code, or its successor is imposed at a |
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rate that is one-half of one percent more than the rates prescribed |
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by general law. |
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(b) The comptroller of public accounts shall deposit the net |
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revenue derived from the state sales and use tax described by |
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Subsection (a) of this section at a rate of one-half of one percent |
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to the credit of an account in the general revenue fund. Interest |
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earned on the account must be credited to the account. |
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(c) Revenue deposited in the account under Subsection (b) of |
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this section and interest credited to the account may be used only |
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to repay the principal of and interest on: |
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(1) the following obligations issued on or before |
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December 31, 2015: |
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(A) obligations issued as authorized by Section |
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49-k, Article III, of this constitution; |
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(B) bonds and other public securities issued as |
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authorized by Section 49-n, Article III, of this constitution, as |
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proposed by H.J.R. 28, 78th Legislature, Regular Session, 2003, and |
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by general law in effect on January 1, 2013; and |
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(C) general obligation bonds issued as |
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authorized by Section 49-p, Article III, of this constitution; and |
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(2) any refunding bonds issued to repay obligations |
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described by Subdivision (1). |
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(d) This section expires on the earlier of: |
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(1) September 1, 2030; or |
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(2) the date the principal of and interest on all |
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obligations described by Subsection (c) of this section are paid. |
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SECTION 2. The following temporary provision is added to |
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the Texas Constitution: |
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TEMPORARY PROVISION. (a) This temporary provision applies |
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to the constitutional amendment proposed by the 83rd Legislature, |
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Regular Session, 2013, temporarily increasing the rate of the state |
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sales and use tax and dedicating revenue derived from that rate |
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increase to repaying certain transportation bonds and other |
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obligations. |
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(b) Section 32, Article VIII, of this constitution takes |
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effect January 1, 2014. |
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(c) This temporary provision expires September 2, 2015. |