Tex.
Gov't Code Section 476.0103
State Tax Revenue
(a)
At the time the endorsing municipality deposits to the trust fund its hotel occupancy tax revenue under Section 476.0102 (Deposit of Municipal Tax Revenue)(a), the comptroller, at the direction of the office, shall transfer to the trust fund a portion of the state tax revenue determined under Section 476.0051 (Determination of Incremental Increase in Certain Tax Receipts)(a)(1) in an amount equal to 6.25 multiplied by the amount of that municipal hotel occupancy tax revenue.(b)
At the time the comptroller deposits to the trust fund the municipal sales and use tax revenue under Section 476.0102 (Deposit of Municipal Tax Revenue)(b), the comptroller, at the direction of the office, shall transfer to the trust fund a portion of the state tax revenue determined under Section 476.0051 (Determination of Incremental Increase in Certain Tax Receipts)(a)(1) in an amount equal to 6.25 multiplied by the amount of that municipal sales and use tax revenue.(c)
The comptroller shall discontinue transferring to the trust fund any state tax revenue determined under Section 476.0051 (Determination of Incremental Increase in Certain Tax Receipts)(a)(1) on the earlier of:(1)
the end of the third calendar month following the month in which the closing event of the games occurs; or(2)
the date the amount of state revenue in the trust fund equals 86 percent of the maximum amount of municipal and state tax revenue that may be transferred or deposited to the trust fund under Section 476.0104 (Limitation on Transfers and Deposits to Trust Fund).
Source:
Section 476.0103 — State Tax Revenue, https://statutes.capitol.texas.gov/Docs/GV/htm/GV.476.htm#476.0103 (accessed Apr. 29, 2024).
