Proposing a constitutional amendment providing for the creation of and use of money in the Grow Texas fund and allocating certain general revenues to that fund, the economic stabilization fund, and the state highway fund.
Impact
If passed, this amendment would modify Article III of the Texas Constitution to include provisions regarding the Grow Texas fund. Funds allocated to this new fund could only be used for infrastructure projects in regions predominantly impacted by oil and gas, thereby tailoring financial resources to support areas directly linked to these industries. Additionally, the comptroller of public accounts would be responsible for the precise mechanisms of revenue transfer, fostering a structured approach to these expenditures.
Summary
HJR35 proposes a constitutional amendment that aims to establish and allocate funds to the Grow Texas fund, alongside existing funds such as the economic stabilization fund and the state highway fund. This initiative is particularly focused on directing general revenue to regions of Texas that are significantly affected by oil and gas production. The amendment sets specific guidelines for revenue allocation and introduces the Grow Texas fund as a dedicated source for addressing infrastructure needs in those areas.
Sentiment
The general sentiment surrounding HJR35 appears cautiously optimistic among supporters who see it as a vital step toward economic development for areas reliant on oil and gas. Advocates argue the fund is necessary for upgrading local infrastructure that directly benefits those communities. However, apprehensions remain among critics who worry that the specificity of allocations could neglect other pressing state infrastructure needs and possibly create disparities in funding across the state.
Contention
A notable point of contention is the mandated cap of $250 million that can be allocated to the Grow Texas fund during any fiscal biennium, which some may argue limits the potential impact of the fund. Additionally, the process by which funds are to be appropriated and governed could lead to debates over transparency and the efficacy of fund management. Critics may also challenge whether focusing only on oil and gas regions could exclude rural or underserved areas needing infrastructure improvements.
Enabled by
Relating to the allocation of certain constitutional transfers of money to the economic stabilization fund, the state highway fund, and the Grow Texas fund and to the permissible uses of money deposited to the Grow Texas fund.
Proposing a constitutional amendment providing for the creation of the Texas severance tax revenue and oil and natural gas (Texas STRONG) defense fund, dedicating the money in that fund to benefit areas of the state significantly affected by oil and gas production, and providing for the transfer of certain general revenues to that fund, the economic stabilization fund, and certain other funds and accounts.
Proposing a constitutional amendment providing for the creation of the Texas severance tax revenue and oil and natural gas (Texas STRONG) defense fund, dedicating the money in that fund to benefit areas of the state significantly affected by oil and gas production, and providing for the transfer of certain general revenues to that fund, the economic stabilization fund, and certain other funds and accounts.
Relating to the allocation of certain constitutional transfers of money to the economic stabilization fund, the state highway fund, and the Grow Texas fund and to the permissible uses of money deposited to the Grow Texas fund.
Proposing a constitutional amendment dedicating certain general revenue that would otherwise be transferred to the economic stabilization fund to the Texas water fund.
Relating to reducing school district maintenance and operations ad valorem taxes through the use of certain state revenue and the allocation of certain constitutional transfers of money to the economic stabilization fund, the property tax reduction fund, and the state highway fund.
Proposing a constitutional amendment establishing the property tax reduction fund to reduce school district maintenance and operations ad valorem taxes and dedicating certain unencumbered general revenue and certain general revenue that would otherwise be transferred to the economic stabilization fund to that fund.
Proposing a constitutional amendment to permit additional uses of certain dedicated general revenue transferred each fiscal year to the state highway fund.
Proposing a constitutional amendment to permit additional uses of certain dedicated general revenue transferred each fiscal year to the state highway fund.
Proposing a constitutional amendment to dedicate a portion of the revenue derived from state sales and use taxes to the Texas water fund and to provide for the allocation and use of that revenue.
Modifies collective Statewide transfer agreement and reverse transfer agreement; establishes New Jersey Transfer Ombudsperson within Office of Secretary of Higher Education.
Modifies collective statewide transfer agreement and reverse transfer agreement; establishes New Jersey Transfer Ombudsperson within Office of Secretary of Higher Education.