State Rep. Tom Craddick has again filed a 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.
House Joint Resolution 27 would create the Generate Recurring Oil Wealth for Texas Fund -- 'GROW.”
According to a press release from Craddick’s office, Joint Resolution 27 funds would be returned to where they originated to make improvements to expand roads and invest in infrastructure needed in the energy producing areas.
The Midland Republican added that the fund does not create or raise taxes, but 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 has broad support from a variety of companies, trade associations and individuals, according to Craddick’s office.