The bill, H.B. 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. Key changes include the redefinition of headings in the Government Code to reflect the inclusion of the Grow Texas fund in the allocation process. The bill also modifies the procedures for determining the threshold for constitutional transfers and adjusts the allocations to these funds based on specific criteria. Notably, it introduces a new section that establishes the Grow Texas grant program, which allows for the appropriation of funds to support infrastructure projects in areas significantly impacted by oil and gas production.

Additionally, the bill includes provisions for the comptroller to manage the allocation process, including the establishment of eligibility criteria for grant applicants and procedures for monitoring grant usage. It repeals a specific subsection of the Government Code and sets an effective date of 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)