2017S0276-1 02/21/17     By: Seliger S.B. No. 1008     A BILL TO BE ENTITLED   AN ACT   relating to funding for the economic stabilization fund, including   the rates of severance taxes on oil and gas production.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Section 201.052, Tax Code, is amended by   amending Subsection (a) and adding Subsection (b) to read as   follows:          (a)  Except as provided by Subsection (b), the [The] tax   imposed by this chapter is at the rate of 7.5 percent of the market   value of gas produced and saved in this state by the producer.          (b)  The rate of tax on gas production described by   Subsection (a) is subject to Section 49-g(c-6), Article III, Texas   Constitution.           SECTION 2.  Section 202.052, Tax Code, is amended by   amending Subsections (a) and (b) and adding Subsection (d) to read   as follows:          (a)  Except as provided by Subsection (d), the [The] tax   imposed by this chapter is at the rate of 4.6 percent of the market   value of oil produced in this state or 4.6 cents for each barrel of   42 standard gallons of oil produced in this state, whichever rate   results in the greater amount of tax.          (b)  Except as provided by Subsection (d), for [For] oil   produced in this state from a new or expanded enhanced recovery   project that qualifies under Section 202.054 of this code, the rate   of the tax imposed by this chapter is 2.3 percent of the market   value of the oil.          (d)  The rates of tax on oil production described by   Subsections (a) and (b) are subject to Section 49-g(c-5), Article   III, Texas Constitution.          SECTION 3.  The heading to Subchapter H, Chapter 316,   Government Code, is amended to read as follows:   SUBCHAPTER H.  STATE HIGHWAY [PRESERVATION OF SUFFICIENT BALANCE IN   ECONOMIC STABILIZATION] FUND          SECTION 4.  Section 404.0241(c), Government Code, is amended   to read as follows:          (c)  The comptroller shall include the fair market value of   the investment portfolio of the economic stabilization fund in   calculating the amount in the fund for purposes of Section 49-g(g),   Article III, Texas Constitution[, and Section 316.093 of this   code].          SECTION 5.  The following provisions of the Government Code   are repealed:                (1)  Sections 316.091, 316.092, and 316.093; and                (2)  Sections 404.0241(a) and (d).          SECTION 6.  This Act takes effect January 1, 2018, but only   if the constitutional amendment proposed by the 85th Legislature,   Regular Session, 2017, providing for foregoing the transfer of oil   and gas production tax revenue to the economic stabilization fund   if the ending fund balance for the preceding fiscal year is greater   than $5 billion and for reducing the rates of oil and gas production   taxes by amounts sufficient to equal the foregone transfer is   approved by the voters. If that amendment is not approved by the   voters, this Act has no effect.