TITLE: Proposing a constitutional amendment increasing the rate of the state sales and use tax and dedicating revenue derived from that rate increase to repaying certain transportation bonds.

SUMMARY: Proposing a constitutional amendment increasing the rate of the state sales and use tax and dedicating revenue derived from that rate increase to repaying certain transportation bonds.

FULL TEXT:
83(R) SJR 47-Introduced version-Bill Text 83R12224 KLA-D By: Eltife S.J.R. No. 47 A JOINT RESOLUTION proposing a constitutional amendment increasing the rate of the state sales and use tax and dedicating revenue derived from that rate increase to repaying certain transportation bonds. 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 general obligation bonds issued by or on behalf of the Texas Department of Transportation on or before January 1, 2013, or the principal of and interest on any refunding bonds issued to repay those bonds. (d) This section expires on the earlier of: (1) September 1, 2030; or (2) the date the principal of and interest on all bonds 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, increasing the rate of the state sales and use tax and dedicating revenue derived from that rate increase to repaying certain transportation bonds. (b) Section 32, Article VIII, of this constitution takes effect January 1, 2014. (c) This temporary provision expires September 2, 2015. SECTION 3. This proposed constitutional amendment shall be submitted to the voters at an election to be held November 5, 2013. The ballot shall be printed to provide for voting for or against the proposition: "The constitutional amendment increasing the rate of the state sales and use tax by one-half of one percent and dedicating revenue derived from that rate increase to repaying certain transportation bonds."