Tex.
Gov't Code Section 479.0102
Deposit of Municipal and County Tax Revenue
(a)
Each endorsing municipality or endorsing county shall remit to the comptroller and the comptroller shall deposit into a trust fund created by the comptroller, at the direction of the office, and designated as the motor sports racing trust fund for the motor sports racing event the amount of the municipality’s or county’s hotel occupancy tax revenue determined under Section 479.0052 (Determination of Incremental Increase in Certain Tax Receipts)(a)(4) or (5), less any amount of the revenue that the municipality or county determines is necessary to meet the obligations of the municipality or county.(b)
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 479.0052 (Determination of Incremental Increase in Certain Tax Receipts)(a)(2) or (3) from the amounts otherwise required to be sent to the municipality under Sections 321.502 (Distribution of Trust Funds) and 183.051 (Mixed Beverage Tax Clearance Fund)(b), Tax Code, or to the county under Sections 323.502 (Distribution of Trust Funds) and 183.051 (Mixed Beverage Tax Clearance Fund)(b), Tax Code, less any amount of the revenue that the municipality or county determines is necessary to meet the obligations of the municipality or county, and shall deposit the retained tax revenue to the trust fund.(c)
The comptroller shall begin retaining and depositing the municipal and county tax revenue with the first distribution of that tax revenue that occurs after the first day of the period described by Section 479.0052 (Determination of Incremental Increase in Certain Tax Receipts)(a).(d)
The comptroller shall discontinue retaining the municipal and county tax revenue when the amount of the applicable tax revenue determined under Section 479.0052 (Determination of Incremental Increase in Certain Tax Receipts)(a)(2) or (3) has been retained.
Source:
Section 479.0102 — Deposit of Municipal and County Tax Revenue, https://statutes.capitol.texas.gov/Docs/GV/htm/GV.479.htm#479.0102 (accessed May 4, 2024).
