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Tex. Occ. Code § 2028.2041

ALLOCATION OF CERTAIN FUNDS

Known as the Texas Racing Act

The act spans §§ 2021.001 to 2035.106 (279 sections).

Added by Acts 2019, 86th Leg., R.S., Ch. 1365 (H.B. 2463), Sec. 5, eff

(a) In each state fiscal biennium, the comptroller shall deposit the amounts allocated under Section 151.801(c-3), Tax Code, into the escrow account established under Section 2028.204(b), until the comptroller determines the amount deposited into the account in that fiscal biennium equals the greater of:

(1) the amount appropriated to the commission for the purposes of Section 2028.204 for that fiscal biennium; or

(2) $50 million.

(b) Once the comptroller determines the greater of the amount described by Subsection (a)(1) or (2) has been deposited during a state fiscal biennium into the escrow account established under Section 2028.204(b), for the remainder of that fiscal biennium the comptroller shall deposit the amounts allocated under Section 151.801(c-3), Tax Code, into the general revenue fund.

(c) The balance of the escrow account established under Section 2028.204(b) shall not exceed $50 million.

Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.