Tex.
Gov't Code Section 477.0102
Deposit of Municipal and County Tax Revenue
(a)
Subject to Section 477.0104 (Limitation on Transfers and Deposits to Trust Fund), each endorsing municipality or endorsing county shall remit to the comptroller and the comptroller, at the direction of the office, quarterly shall deposit to the trust fund the amount of the municipality’s or county’s hotel occupancy tax revenue determined under Section 477.0051 (Determination of Incremental Increase in Certain Tax Receipts)(a)(4) or (5), as applicable.(b)
To guarantee the joint obligations of this state and an endorsing municipality or endorsing county under a games support contract and this subtitle, subject to Section 477.0203 (Municipal or County Election), the comptroller, at the direction of the office, shall retain the amount of sales and use tax revenue and mixed beverage tax revenue determined under Section 477.0051 (Determination of Incremental Increase in Certain Tax Receipts)(a)(2) or (3) from the amounts otherwise required to be sent to the municipality under Section 183.051 (Mixed Beverage Tax Clearance Fund)(b) or 321.502 (Distribution of Trust Funds), Tax Code, or to the county under Section 183.051 (Mixed Beverage Tax Clearance Fund)(b) or 323.502 (Distribution of Trust Funds), Tax Code. Subject to Sections 477.0104 (Limitation on Transfers and Deposits to Trust Fund) and 477.0203 (Municipal or County Election), the comptroller, at the direction of the office, shall deposit the retained tax revenue to the trust fund for the same calendar quarter as under Subsection (a).(c)
The comptroller shall begin retaining municipal and county sales and use tax revenue and mixed beverage tax revenue with the first distribution of that tax revenue that occurs after the date the office makes the determination under Section 477.0051 (Determination of Incremental Increase in Certain Tax Receipts)(a)(2) or (3).(d)
The comptroller shall discontinue retaining municipal and county sales and use tax revenue and mixed beverage tax revenue 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 municipal and county sales and use tax revenue and mixed beverage tax revenue in the trust fund equals 14 percent of the maximum amount of municipal, county, and state tax revenue that may be transferred or deposited to the trust fund under Section 477.0104 (Limitation on Transfers and Deposits to Trust Fund).
Source:
Section 477.0102 — Deposit of Municipal and County Tax Revenue, https://statutes.capitol.texas.gov/Docs/GV/htm/GV.477.htm#477.0102 (accessed May 4, 2024).
