SJR66 - Proposing a constitutional amendment dedicating a portion of the revenue derived from state sales and use taxes and insurance premium taxes to the Texas water fund.

      By: Perry, et al. S.J.R. No. 66                 A JOINT RESOLUTION   proposing a constitutional amendment dedicating a portion of the   revenue derived from state sales and use taxes and insurance   premium taxes to the Texas water fund.          BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Section 49-d-16, Article III, Texas   Constitution, as proposed by S.J.R. 75, 88th Legislature, Regular   Session, 2023, is amended by amending Subsections (c) and (e) and   adding Subsections (e-1), (e-2), and (e-3) to read as follows:          (c)  The Texas water fund consists of:                (1)  money transferred or deposited to the credit of   the fund under this constitution or by general law, including money   appropriated by the legislature directly to the fund and money from   any source transferred or deposited to the credit of the fund   authorized by this constitution or by general law;                (2)  any other revenue that the legislature by statute   dedicates for deposit to the credit of the fund;                (3)  investment earnings and interest earned on amounts   credited to the fund;                (4)  money from gifts, grants, or donations to the   fund; and                (5)  money returned from any authorized transfer.          (e)   For the period of 10 state fiscal years beginning   September 1, 2043, and for each period of 10 state fiscal years that   occur after that period has ended, the legislature by general law   may allocate for transfer to the funds and accounts administered by   the Texas Water Development Board or that board's successor the   money deposited to the credit of the Texas water fund under Section   7-e, Article VIII, of this constitution.   The allocation of money   prescribed by a general law enacted under this subsection may not be   amended by the legislature during the 10-year period for which the   money is allocated.   Any money deposited to the credit of the Texas   water fund under Section 7-e, Article VIII, of this constitution   that is not allocated by a general law enacted under this subsection   may be transferred to other funds or accounts by the Texas Water   Development Board or that board's successor in accordance with   Subsection   (b)   of this section.           (e-1)   Of the amount of money initially appropriated to the   Texas water fund, the administrator of the fund shall allocate not   less than 25 percent to be used only for transfer to the New Water   Supply for Texas Fund.           (e-2)     Of the amount of money deposited to the credit of the   Texas water fund under Section 7-e, Article VIII, of this   constitution before September 1, 2043, the administrator of the   fund shall allocate not less than 80 percent to be used only for   transfer to the New Water Supply for Texas Fund.           (e-3)     This subsection and Subsections (e-1) and (e-2) of   this section expire August 31, 2043.          SECTION 2.  Article VIII, Texas Constitution, is amended by   adding Section 7-e to read as follows:           Sec.   7-e.     (a)   Subject to Section 7-d of this article and   Subsections   (b)   and (c)   of this section, in each state fiscal   year, the comptroller of public accounts shall deposit to the   credit of the Texas water fund:                 (1)     the net revenue derived from the imposition of the   state sales and use tax on the sale, storage, use, or other   consumption in this state of taxable items under Chapter 151, Tax   Code, or its successor, that exceeds the first $46.5 billion of that   revenue coming into the treasury in that state fiscal year,   provided that the total amount deposited to the credit of the Texas   water fund under this subsection in a state fiscal year may not   exceed $500 million; and                 (2)     the first $500 million of the net revenue derived   from the imposition of the insurance premium taxes on the taxable   gross premiums, gross premium receipts, and gross revenues from the   sale of certificates or contracts subject to those taxes under   Subtitle B, Title 3, Insurance Code, or its successor, coming into   the treasury in that state fiscal year.           (b)     The legislature by adoption of a resolution approved by   a record vote of two-thirds of the members of each house of the   legislature may direct the comptroller of public accounts to reduce   the amount of money deposited to the credit of the Texas water fund   under Subsection   (a)   of this section.   The comptroller may be   directed to make that reduction only:                 (1)     in the state fiscal year in which the resolution is   adopted, or in either of the following two state fiscal years; and                 (2)     by an amount or percentage that does not result in   a reduction of more than 50 percent of the amount that would   otherwise be deposited to the fund in the affected state fiscal year   under the applicable subsection of this section.           (c)     Subject to Subsection   (d)   of this section, the duty of   the comptroller of public accounts to make a deposit under   Subsection (a) of this section expires August 31, 2043.           (d)     The legislature by adoption of a concurrent resolution   approved by a record vote of a majority of the members of each house   of the legislature may extend, in 10-year increments, the duty of   the comptroller of public accounts to make a deposit under   Subsection (a) of this section beyond the date prescribed by   Subsection (c) of this section.          SECTION 3.  The following temporary provision is added to   the Texas Constitution:           TEMPORARY PROVISION. (a)   This temporary provision applies   to the constitutional amendment proposed by the 89th Legislature,   Regular Session, 2025, dedicating a portion of the revenue derived   from state sales and use taxes and the insurance premium taxes to   the Texas water fund.           (b)     Section 7-e,   Article VIII, of this constitution takes   effect September 1, 2027.           (c)  This temporary provision expires September 1, 2028.          SECTION 4.  This proposed constitutional amendment shall be   submitted to the voters at an election to be held November 4, 2025.   The ballot shall be printed to permit voting for or against the   proposition: "The constitutional amendment dedicating a portion of   the revenue derived from state sales and use taxes and insurance   premium taxes to the Texas water fund."