House Bill No. 265 proposes amendments to the allocation of constitutional transfers of funds to 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 affected by these transfers, specifically replacing references to only the economic stabilization fund and state highway fund with the term "certain funds." Additionally, it introduces new provisions regarding the Grow Texas fund, including the establishment of a grant program aimed at funding infrastructure projects in areas significantly impacted by oil and gas production.

Key changes include the comptroller's responsibilities in determining fund allocations and adjustments based on specific thresholds, as well as the creation of eligibility criteria and procedures for grant applications under the Grow Texas fund. The bill also repeals a section of the Government Code related to the determination of thresholds for constitutional transfers. Importantly, the act will only take effect if a related constitutional amendment is approved by voters in 2025, ensuring that the establishment and funding of the Grow Texas fund is contingent upon public support.

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)