AUSTIN- Representative Margo has joint authored House Joint Resolution (HJR) 5 with Representative John Otto, which would increase the amount of revenue the state may deposit into the Economic Stabilization Fund (Rainy Day Fund) to 15 percent, from 10 percent of the total amount deposited into General Revenue.

HJR 5 would amend the Texas Constitution to require the Comptroller to deposit 75% of sales and use tax revenues, which exceed a rolling 20 year historical growth average, into the Rainy Day Fund.

"Since 1987 we’ve had the oil and gas revenues funding the Economic Stabilization Fund, yet 46% of our revenue is from sales tax. Because sales tax is our largest source of revenue, it makes sense to have a mechanism to capture excess sales tax revenue for our stabilization fund," said Representative Margo.

HJR 5 will assist the state in meeting its future budget obligations and effectively smooth the volatility in the peaks and valleys in sales tax revenue growth. HJR 5 is a proposal that seeks to further protect Texas from future rainy days.