Bill Text: TX SB1428 | 2011-2012 | 82nd Legislature | Introduced


Bill Title: Relating to authorizing the designation of an area adjacent to a state highway project as a transportation finance zone, and authorizing the revenue from the state sales and use taxes imposed in the zone to be deposited in a revolving fund and used to repay financial assistance provided from the fund for highway projects.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2011-04-18 - Left pending in committee [SB1428 Detail]

Download: Texas-2011-SB1428-Introduced.html
 
 
  By: Ogden S.B. No. 1428
 
 
 
   
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to authorizing the designation of an area adjacent to a
  state highway project as a transportation finance zone, and
  authorizing the revenue from the state sales and use taxes imposed
  in the zone to be deposited in a revolving fund and used to repay
  financial assistance provided from the fund for highway projects.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subchapter A, Chapter 222, Transportation Code,
  is amended by adding Section 222.005 to read as follows:
         Sec. 222.005.  TRANSPORTATION FINANCE ZONES. (a)  The
  commission by order or resolution may designate as a transportation
  finance zone an area that is adjacent to the right-of-way of an
  existing or proposed state highway project and within two miles on
  either side of the centerline of the state highway. The area
  designated as a transportation finance zone may extend more than
  two miles on either side of the centerline of a state highway if
  necessary, as determined by the commission, to avoid the splitting
  of a location in which the sale, storage, use, or other consumption
  of a taxable item would be consummated. Each transportation
  finance zone shall be designated by the commission with a separate
  number or name.
         (b)  The designation of a transportation finance zone is not
  effective until the legislature has reviewed and approved the
  designation and boundaries of the zone.
         (c)  Notwithstanding Section 151.801(a), Tax Code, proceeds
  from the collection of the taxes imposed by that chapter in
  connection with a sale, storage, use, or other consumption that is
  consummated in a transportation finance zone shall be deposited in
  the state infrastructure bank or similar revolving fund authorized
  by law, to be used for the repayment of financial assistance
  provided from the revolving fund for highway projects as provided
  by law.
         (d)  The proceeds from the collection of taxes deposited to
  the credit of a revolving fund under Subsection (c) may only be used
  for the repayment of financial assistance provided to the
  department for tolled or nontolled highway projects within the
  transportation finance zone in which the taxes were collected, and
  may not be used to provide financial assistance for a project
  developed, constructed, or operated by a private entity under a
  comprehensive development agreement.
         (e)  In any state fiscal year the comptroller may not deposit
  more than $250 million to the credit of a revolving fund under
  Subsection (c).
         (f)  A transportation finance zone terminates on the earlier
  of:
               (1)  the termination date, if any, specified in the
  order or resolution designating the zone; or
               (2)  the date on which the financial assistance secured
  by proceeds from the collection of taxes imposed within the zone has
  been repaid.
         (g)  The commission shall adopt rules to implement and
  administer this section.
         SECTION 2.  (a)  Except as provided in Subsection (b) of
  this section, this Act takes effect January 1, 2012, but only if the
  constitutional amendment authorizing the legislature to permit the
  Texas Transportation Commission, subject to legislative review and
  approval, to designate the area adjacent to a state highway project
  as a transportation finance zone and authorizing the revenue from
  the state sales and use taxes imposed in the zone to be deposited in
  a revolving fund and used to repay financial assistance provided
  from the fund for transportation projects is approved by the
  voters. If that amendment is not approved by the voters, this Act
  has no effect.
         (b)  The comptroller of public accounts may not deposit any
  funds to the credit of a revolving fund under Section 222.005,
  Transportation Code, as added by this Act, until September 1, 2014.
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