Published: April 9, 2019 |

[Click image to enlarge]

The GROW Texas fund has some heavy hitters behind it.

The GROW Texas fund, filed by State Reps. Brooks Landgraf and Tom Craddick, would ensure that existing state revenue paid by energy companies in the Permian Basin would be earmarked for specific reinvestment in the area where the revenue was generated, according to a release from the representatives.

The earmarked funds would then be used specifically to increase law enforcement in those areas as well as salaries. It would also be used to improve highways and public roads as well as education and educational opportunities, officials say.

“Oil and gas production in Texas creates countless jobs, generates billions in tax dollars and helps fund public education across the entire state,” State. Rep. Landgraf said in a statement. “But this single-largest economic driver in Texas is being threatened because of inadequate state investment in highway safety and infrastructure, and educational opportunities in Texas’ energy-production hotbeds.”

That legislation now has the backing of some major player in Texas.

Greater Houston Partnership, Texas Alliance of Energy Producers, Texas Association of Business, Texas Oil and Gas Association and more are all throwing their support in for the bill.

The resolution is currently moving through the legislature and would require a supermajority in both the House and the Senate as well as a constitutional amendment.

Additionally, the amendment would need to be adopted by voters before it could become law.

Source: Your Basin

Be in-the-know when you’re on-the-go!