Today the Senate Transportation Committee voted out SB 5 and SJR 5 as substituted with 8 ayes-1 nay. The substituted bill would allocate a portion of funding, from state's existing sales tax on new and used vehicles and existing rental tax on vehicles, towards transportation funding. The first $2.5 billion in collections would go to general revenue and the next $2.5 billion in revenue would be dedicated to the state highway fund. Any revenue collected in the same fiscal year above $5 billion would be evenly split between the state highway fund and general revenue. The resolution would put it to a voters during the November 2016 elections.
The restriction on the funding would be that it could only be appropriated to construct, maintain, or acquire rights-of ways for public roadways other than toll roads. The funds could also be used to repay Proposition 12 bonds that currently are paid with general revenues funds.
Lt. Gov. Dan Patrick has said he expects to bring SB 5 and SJR 5 to the Senate floor next week.
