Texas Transportation Code 451.613 – Collection of Sales and Use Tax After Withdrawal
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(a) Until the amount of revenue from an authority’s sales and use tax collected in a withdrawn unit of election after the effective date of withdrawal and paid to the authority equals the net financial obligation of the unit, the sales and use tax continues to be collected in the territory of the unit of election.
(b) After the amount described by Subsection (a) has been collected or if the share of the authority’s assets computed for the unit of election under § 451.611 is greater than the gross financial obligation of the unit to the authority, the comptroller shall discontinue collecting the tax in the territory of the unit of election.
Terms Used In Texas Transportation Code 451.613
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.