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 | |
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| 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. | ||
