House Bill No. 265 proposes amendments to the allocation of constitutional transfers of money to various funds, specifically the economic stabilization fund, the state highway fund, and the newly established Grow Texas fund. The bill modifies existing legal language to broaden the scope of funds receiving allocations, as indicated by the insertion of "certain funds" in place of the previously specified funds. It also introduces new provisions regarding the determination of thresholds for transfers and adjustments to allocations, including a new subsection that outlines the comptroller's responsibilities in managing these transfers and ensuring compliance with the specified thresholds.

Additionally, the bill establishes a Grow Texas grant program, which allows the legislature to appropriate funds for grants aimed at infrastructure development in areas significantly impacted by oil and gas production. The program will be overseen by a commission that will set eligibility criteria, guidelines for grant amounts, and procedures for evaluating applications. The comptroller is tasked with creating application procedures and monitoring compliance with grant conditions. The bill is set to take effect on September 1, 2027, contingent upon voter approval of a related constitutional amendment proposed by the 89th Legislature.

Statutes affected:
Introduced: Government Code 316.092, Government Code 316.093 (Government Code 316)
House Committee Report: Government Code 316.092, Government Code 316.093 (Government Code 316)
Engrossed: Government Code 316.092, Government Code 316.093 (Government Code 316)