Endorsing municipalities and counties must send certain hotel tax revenue to the comptroller, and the comptroller must retain and deposit specified sales, use, and mixed beverage tax revenue into the trust fund under stated conditions.
Sec. 477.0102. DEPOSIT OF MUNICIPAL AND COUNTY TAX REVENUE. (a) Subject to Section 477.0104, each endorsing municipality or endorsing county shall remit to the comptroller and the comptroller, at the direction of the office, quarterly shall deposit to the trust fund the amount of the municipality's or county's hotel occupancy tax revenue determined under Section 477.0051(a)(4) or (5), as applicable. (b) To guarantee the joint obligations of this state and an endorsing municipality or endorsing county under a games support contract and this subtitle, subject to Section 477.0203, the comptroller, at the direction of the office, shall retain the amount of sales and use tax revenue and mixed beverage tax revenue determined under Section 477.0051(a)(2) or (3) from the amounts otherwise required to be sent to the municipality under Section 183.051(b) or 321.502, Tax Code, or to the county under Section 183.051(b) or 323.502, Tax Code. Subject to Sections 477.0104 and 477.0203, the comptroller, at the direction of the office, shall deposit the retained tax revenue to the trust fund for the same calendar quarter as under Subsection (a). (c) The comptroller shall begin retaining municipal and county sales and use tax revenue and mixed beverage tax revenue with the first distribution of that tax revenue that occurs after the date the office makes the determination under Section 477.0051(a)(2) or (3). (d) The comptroller shall discontinue retaining municipal and county sales and use tax revenue and mixed beverage tax revenue on the earlier of: (1) the end of the third calendar month following the month in which the closing event of the games occurs; or (2) the date the amount of municipal and county sales and use tax revenue and mixed beverage tax revenue in the trust fund equals 14 percent of the maximum amount of municipal, county, and state tax revenue that may be transferred or deposited to the trust fund under Section 477.0104. Added by Acts 2019, 86th Leg., R.S., Ch. 301 (H.B. 4174), Sec. 1.01, eff. April 1, 2021.