FISCAL NOTES SEPTEMBER 2023 | 9 Building Strong Infrastructure for a Growing Texas EXHIBIT 2 HOUSE BILL 1 — TXDOT FUNDING USES, FISCAL 2024-2025 Note: Totals and percentages may not sum due to rounding. Source: Texas Department of Transportation Proposition 7 was extended for 10 more years, dictating that when state motor vehicle sales and rental taxes exceed $5 billion, 35 percent of that overage will be directed to roads. Based on the Comptroller’s Biennial Revenue Estimate from January 2023, TxDOT expects to receive $692.14 million and $740.63 million in state motor vehicle sales and rental tax revenues in fiscal 2024 and 2025, respectively. The state also must share $2.5 billion of state sales and use tax with the highway fund once collections surpass $28 billion. One happy surprise from the session is a historic investment in Texas seaports by the Legislature, Thomas said. “Each port is different and all of them are critical for business, whether they’re working with the energy sector or importing and exporting goods,” Thomas says. “Texas is making a $400 million investment in the Ship Channel Improvement Revolving Fund (SCIRF) that allows for low-interest, flexible loans for federally authorized projects for widening and deepening existing ship channels.” Senate Bill 1499 reauthorizes and clarifies uses of the Port Access (Capital) Account Fund, which provides $200 million in grants for infrastructure improvement; no more than 20 percent of that can go to one project, ensuring the funds are spread around. The Texas Legislature provided an additional $94 million for general aviation airports for capital and maintenance. $0 $1 $2 $3 $4 $5 $6 $7 $8 $9 $10 $11 $12 $13 $14 SALARY ADJUSTMENTS / 0.4% REGIONAL PROJECT SUBACCOUNTS / 1.2% OTHER MODES AND SERVICES / 2.2% ADMINISTRATION AND SUPPORT / 2.4% BORROWED FUNDS REPAYMENT / 5.9% PROJECT DEVELOPMENT / 18.1% PROJECT DELIVERY / 32.5% MAINTENANCE & PRESERVATION / 37.3% BILLIONS DEALERS’ CHOICE 38
RkJQdWJsaXNoZXIy MTg3NDExNQ==