Bill Text: TX SJR5 | 2013 | 83rd Legislature 2nd Special Session | Introduced
Bill Title: Proposing a constitutional amendment temporarily increasing the rate of the state sales and use tax and dedicating revenue derived from that rate increase to repaying certain transportation bonds and other obligations.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2013-06-28 - Filed [SJR5 Detail]
Download: Texas-2013-SJR5-Introduced.html
| By: Eltife | S.J.R. No. 5 | |
|
|
||
| proposing a constitutional amendment temporarily increasing the | ||
| rate of the state sales and use tax and dedicating revenue derived | ||
| from that rate increase to repaying certain transportation bonds | ||
| and other obligations. | ||
| BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Article VIII, Texas Constitution, is amended by | ||
| adding Section 32 to read as follows: | ||
| Sec. 32. (a) The state sales and use tax imposed on the | ||
| sale, storage, use, or other consumption in this state of a taxable | ||
| item under Chapter 151, Tax Code, or its successor is imposed at a | ||
| rate that is one-half of one percent more than the rates prescribed | ||
| by general law. | ||
| (b) The comptroller of public accounts shall deposit the net | ||
| revenue derived from the state sales and use tax described by | ||
| Subsection (a) of this section at a rate of one-half of one percent | ||
| to the credit of an account in the general revenue fund. Interest | ||
| earned on the account must be credited to the account. | ||
| (c) Revenue deposited in the account under Subsection (b) of | ||
| this section and interest credited to the account may be used only | ||
| to repay the principal of and interest on: | ||
| (1) the following obligations issued on or before | ||
| December 31, 2015: | ||
| (A) obligations issued as authorized by Section | ||
| 49-k, Article III, of this constitution; | ||
| (B) bonds and other public securities issued as | ||
| authorized by Section 49-n, Article III, of this constitution, as | ||
| proposed by H.J.R. 28, 78th Legislature, Regular Session, 2003, and | ||
| by general law in effect on January 1, 2013; and | ||
| (C) general obligation bonds issued as | ||
| authorized by Section 49-p, Article III, of this constitution; and | ||
| (2) any refunding bonds issued to repay obligations | ||
| described by Subdivision (1). | ||
| (d) This section expires on the earlier of: | ||
| (1) September 1, 2030; or | ||
| (2) the date the principal of and interest on all | ||
| obligations described by Subsection (c) of this section are paid. | ||
| SECTION 2. The following temporary provision is added to | ||
| the Texas Constitution: | ||
| TEMPORARY PROVISION. (a) This temporary provision applies | ||
| to the constitutional amendment proposed by the 83rd Legislature, | ||
| Regular Session, 2013, temporarily increasing the rate of the state | ||
| sales and use tax and dedicating revenue derived from that rate | ||
| increase to repaying certain transportation bonds and other | ||
| obligations. | ||
| (b) Section 32, Article VIII, of this constitution takes | ||
| effect January 1, 2014. | ||
| (c) This temporary provision expires September 2, 2015. | ||
