Bill > HJR21

This Joint Resolution proposes a constitutional amendment to create a new fund called the "Grow Texas fund" and to establish how money is transferred into it and used. Specifically, it directs the Comptroller of Public Accounts to allocate a portion of the state's general revenue, which is the money the state collects from taxes and other sources, to three funds: the Economic Stabilization Fund (often called the "Rainy Day Fund," designed to help the state during economic downturns), the State Highway Fund (used for road construction and maintenance, excluding toll roads), and the new Grow Texas fund. The amendment outlines that half of the allocated general revenue would go to the Economic Stabilization Fund, with the remainder split between the State Highway Fund and the Grow Texas fund. However, the Grow Texas fund would receive 12% of the amount initially designated for the Economic Stabilization Fund, up to a maximum of $250 million per two-year state budget cycle, with any excess revenue that would have gone to the Economic Stabilization Fund being redirected to the Grow Texas fund. The Grow Texas fund itself would be established to receive money from these revenue transfers, legislative appropriations, dedicated statutes, gifts, grants, and investment earnings, and its funds can only be appropriated by the legislature for infrastructure needs in areas of the state where oil and gas are produced, with a commission created to administer these funds and advise the legislature. Any unspent money in the Grow Texas fund at the end of a two-year budget period would be transferred to the Economic Stabilization Fund.