Bill Text: TX HB293 | 2019-2020 | 86th Legislature | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relating to investment training requirements for school district financial officers.

Spectrum: Partisan Bill (Republican 3-0)

Status: (Passed) 2019-06-07 - Effective immediately [HB293 Detail]

Download: Texas-2019-HB293-Introduced.html

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86R832 CJC-D
By: Pickett H.B. No. 293

A BILL TO BE ENTITLED
relating to the allocation to the state highway fund of certain
motor vehicle sales, use, and rental tax revenue and to the use 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 152.1221 to read as follows:
Sec. 152.1221. 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, 2021;
(2) is received under Sections 152.043, 152.045,
152.047, and 152.121 and is derived from the taxes imposed under
Sections 152.021, 152.022, 152.023, 152.026, and 152.028; and
(3) exceeds the first $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 percentage or amount required by Section 7-c,
Article VIII, Texas Constitution, to the credit of the state
highway fund;
(2) an additional 40 percent to the credit of the state
highway fund; and
(3) 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, 2019.