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A BILL TO BE ENTITLED
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AN ACT
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relating to decreasing the state sales and use tax rate. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 151.051(b), Tax Code, is amended to read |
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as follows: |
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(b) The sales tax rate is the lower of 5.95 [6-1/4] percent |
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of the sales price of the taxable item sold or the rate adopted |
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under Section 151.0511. |
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SECTION 2. Subchapter C, Chapter 151, Tax Code, is amended |
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by adding Section 151.0511 to read as follows: |
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Sec. 151.0511. COMPTROLLER TAX RATE ADJUSTMENT. (a) On the |
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date the comptroller makes the transfer of any unencumbered |
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positive balance of general revenues from a preceding biennium to |
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the economic stabilization fund as described by Section 49-g(b), |
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Article III, Texas Constitution, the comptroller shall: |
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(1) identify an amount of money equal to 25 percent of |
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those unencumbered general revenues that are not transferred under |
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that subsection; |
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(2) estimate the amount of revenue attributable to the |
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taxes imposed under Sections 151.051 and 151.101 that would be |
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received by the comptroller during the current state fiscal |
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biennium if the taxes were imposed at the rate in effect on the date |
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the estimate is made; and |
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(3) subtract the amount of money identified under |
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Subdivision (1) from the amount of revenue estimated under |
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Subdivision (2). |
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(b) If the amount of money determined under Subsection |
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(a)(3) is greater than zero, the comptroller shall determine the |
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rate for purposes of Sections 151.051 and 151.101 that, if applied |
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beginning January 1 of the current state fiscal biennium, is |
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estimated to generate the amount of money determined by the |
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comptroller under Subsection (a)(3) for that biennium. |
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(c) Not later than December 15 of each odd-numbered year, |
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the comptroller shall: |
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(1) adopt the adjusted tax rate determined under |
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Subsection (b), rounded to the nearest thousandth; |
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(2) publish notice of the adjusted tax rate in the |
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Texas Register; and |
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(3) provide any other notice relating to the adjusted |
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tax rate that the comptroller considers appropriate. |
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(d) The adjusted tax rate adopted by the comptroller under |
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this section is effective on January 1 of the even-numbered year |
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following the date the rate is adopted. |
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(e) In a state fiscal year in which the amount of money |
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determined under Subsection (a)(3) is zero or less, the comptroller |
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shall adopt an adjusted tax rate of zero percent. |
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(f) An action taken by the comptroller under this section is |
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final and may not be appealed. |
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(g) The comptroller shall adopt rules to implement this |
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section. |
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SECTION 3. The comptroller of public accounts shall study |
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and report to the legislature on the impact of this Act on the rate |
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of the state sales and use tax and what further reductions in the |
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rate of the state sales and use tax may be made following a review of |
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existing exemptions from the state sales and use tax. The |
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comptroller shall provide the report to the legislature not later |
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than December 31, 2016. |
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SECTION 4. The change in law made by this Act does not |
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affect tax liability accruing before the effective date of this |
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Act. That liability continues in effect as if this Act had not been |
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enacted, and the former law is continued in effect for the |
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collection of taxes due and for civil and criminal enforcement of |
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the liability for those taxes. |
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SECTION 5. This Act takes effect January 1, 2016. |