Bill Text: TX SB962 | 2019-2020 | 86th Legislature | Comm Sub

NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to the determination of the sufficient balance of the economic stabilization fund for the purpose of allocating general revenue to that fund and the state highway fund.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Passed) 2019-06-15 - Effective on 9/1/19 [SB962 Detail]

Download: Texas-2019-SB962-Comm_Sub.html
 
 
  By: Nichols  S.B. No. 962
         (In the Senate - Filed February 21, 2019; March 1, 2019,
  read first time and referred to Committee on Finance;
  April 8, 2019, reported adversely, with favorable Committee
  Substitute by the following vote:  Yeas 14, Nays 0; April 8, 2019,
  sent to printer.)
Click here to see the committee vote
 
  COMMITTEE SUBSTITUTE FOR S.B. No. 962 By:  Nichols
 
 
A BILL TO BE ENTITLED
 
AN ACT
 
  relating to the determination of the sufficient balance of the
  economic stabilization fund for the purpose of allocating general
  revenue to that fund and the state highway fund.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 316.092(e), Government Code, is amended
  to read as follows:
         (e)  This section expires December 31, 2034 [2024].
         SECTION 2.  Sections 316.093(e) and (f), Government Code,
  are amended to read as follows:
         (e)  For the purposes of Section 49-g(c-2), Article III,
  Texas Constitution, the comptroller shall adjust the allocation
  provided by Section 49-g(c-1) of that article of amounts to be
  transferred to the fund and to the state highway fund under Section
  49-g(c) of that article in a state fiscal year beginning on or after
  September 1, 2035 [2025], so that the total of those amounts is
  transferred to the economic stabilization fund, except that the
  comptroller shall reduce a transfer made under this subsection as
  necessary to prevent the amount in the fund from exceeding the limit
  in effect for that biennium under Section 49-g(g) of that article.
         (f)  Subsections (a), (b), and (c) and this subsection expire
  December 31, 2034 [2024].
         SECTION 3.  This Act takes effect September 1, 2019.
 
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