AUSTIN - Today Representative Tom Craddick (R-Midland) passed a Joint Resolution in the Texas House of Representatives to bring state money generated by oil and gas production back to the Permian Basin and other energy-producing hotbeds. These funds would be returned to where they originated to make improvements to expand roads and invest in infrastructure needed in the energy producing areas.
"Energy producing communities in Texas sacrifice so much to generate the revenue needed to support all Texans. GROW is just a small step towards investing in these communities and their future success," said Craddick.
HJR82 would create the Generate Recurring Oil Wealth for Texas Fund - "GROW".
The fund does not create or raise taxes. Rather, it secures the existing state revenue paid by oil and gas severance taxes for specific re-investment in the Texas oil patch.
The money could be used for roads, education, broadband, law enforcement, and many other of the required needs in these energy communities.
GROW will now be sent to the Texas Senate for consideration.