The bill, H.B. 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. Key changes include the redefinition of headings in the Government Code to reflect the inclusion of the Grow Texas fund and adjustments to the procedures for determining and adjusting allocations to these funds. Notably, the bill introduces a new section that establishes a Grow Texas grant program, allowing the legislature to appropriate funds for grants aimed at infrastructure projects in areas significantly impacted by oil and gas production.

Additionally, the bill outlines the responsibilities of the comptroller and the Grow Texas fund commission in administering the grant program, including establishing eligibility criteria, guidelines for grant amounts, and application procedures. It also specifies that the comptroller will monitor the use of grants to ensure compliance. The bill will take effect on September 1, 2027, contingent upon voter approval of a related constitutional amendment proposed by the 89th Legislature. If the amendment is not approved, the bill will have no effect.

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)