GROW Texas Fund Introduced

April 10, 2019

 

The Texas House Appropriations committee heard testimony recently about Rep. Brooks Landgraf‘s and Rep. Tom Craddick‘s GROW Texas Fund — that’s “Generate Recurring Oil Wealth.”

Rep. Landgraf’s HB 2154 is intended to return money generated for the state through severance taxes by oil and gas interests to energy-producing counties across the state for rebuilding infrastructure like roads and public safety.

Rep. Craddick authored HJR 82, a companion, to amend the Texas Constitution to allocate 12% of oil and gas tax collections above their 1987 level to the GROW fund, with 38% of those taxes going to the Economic Stabilization Fund (ESF) and the rest going to state highway fund.

Those taxes are paid into the state’s “Rainy Day Fund” (the ESF) which is already robust in its growth.

Many oil-producing areas of the state are have trouble keeping up with repairs on highways torn up by the increased number of heavy duty trucks hauling sand, oil, water and other products needed and produced in the fields.

Rep. Landgraf said the fund “will invest in our oilfield highways, put more cops on the streets and roads and more teachers in our classrooms, that way the Permian Basin and other energy producing hotspots across Texas can not only be great producers of oil and gas that helps make our country energy independent but they can also be good places to live, good places to work and good places to raise a family,”