AASHTO Journal, 9 August 2013
During the third special legislative session called by Texas Governor Rick Perry, the Texas House passed this week a measure that provides an additional $1.2 billion per year (originally estimated lower at $900 million) for transportation projects. The plan includes a constitutional amendment to redirect half of the oil and gas tax going to the state’s Rainy Day Fund to spend on roads and bridges. The measure also includes a new law that gives the Legislative Budget Board authority to stop that fund diversion if the fund’s balance drops below a certain level (which the board would determine).
“Today’s action by the Texas Legislature moves our state closer to securing a strong economy well into the future by providing more resources for building and maintaining a transportation system that will keep our economy growing and our population moving,” Perry said in a statement. “Just as important is the fact that we are increasing funding for transportation without raising taxes, which sends an incredibly strong message that Texas is committed to keeping the wheels of commerce turning, while protecting taxpayers.”
The Texas Senate passed the measure in the first day of the third session last week (see related AASHTO Journal story here), leaving the House to deal with the measure it had previously voted down.
With the legislature’s passage, the bill will now be placed on the ballot for voters in November 2014 for their approval before it can take effect. Additional information on the bill is available here.