(a) Notwithstanding § 171.401, beginning with the state fiscal year that begins September 1, 2007, the comptroller shall, for each state fiscal year, deposit to the credit of the property tax relief fund under § 403.109, Government Code, an amount of revenue calculated by:
(1) determining the revenue derived from the tax imposed by this chapter as it applied during that applicable state fiscal year; and
(2) subtracting the revenue the comptroller estimates that the tax imposed by this chapter, as it existed on August 31, 2007, would have generated if it had been in effect for that applicable state fiscal year.
(b) If the amount under Subsection (a) is less than zero, the comptroller shall consider the amount to be zero.

Terms Used In Texas Tax Code 171.4011

  • 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.
  • Property: means real and personal property. See Texas Government Code 311.005
  • Year: means 12 consecutive months. See Texas Government Code 311.005
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