Texas Tax Code 152.123 – Tax Retained by County
(a) The county tax assessor-collector each calendar year shall calculate five percent of the tax and penalties collected by the county tax assessor-collector under this chapter in the preceding calendar year. In addition, the county tax assessor-collector shall calculate each calendar year an amount equal to five percent of the tax and penalties that the comptroller:
(1) collected under § 152.047 in the preceding calendar year; and
(2) determines are attributable to sales in the county.
(b) The county shall retain the following percentage of the amounts calculated under Subsection (a) during each of the following fiscal years:
(1) in fiscal year 2006, 10 percent;
(2) in fiscal year 2007, 20 percent;
(3) in fiscal year 2008, 30 percent;
(4) in fiscal year 2009, 40 percent;
(5) in fiscal year 2010, 50 percent;
(6) in fiscal year 2011, 60 percent;
(7) in fiscal year 2012, 70 percent;
(8) in fiscal year 2013, 80 percent;
(9) in fiscal year 2014, 90 percent;
(10) in fiscal year 2015 and succeeding years, 100 percent.
Terms Used In Texas Tax Code 152.123
- Comptroller: means the Comptroller of Public Accounts of the State of Texas. See Texas Tax Code 1.04
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Succeeding: means immediately following. See Texas Government Code 312.011
- Year: means 12 consecutive months. See Texas Government Code 311.005
(c) The county shall credit the amounts retained under Subsection (b) to the county’s general fund.