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A BILL TO BE ENTITLED
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AN ACT
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relating to the allocation and deposit of certain surplus state |
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revenue to the property tax relief fund for use in reducing school |
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district maintenance and operations ad valorem taxes. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 403.109, Government Code, is amended by |
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adding Subsections (e) and (f) to read as follows: |
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(e) The comptroller shall: |
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(1) allocate for deposit to the credit of the fund |
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general revenue in an amount equal to 90 percent of the amount by |
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which the amount of general revenue received in a state fiscal |
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biennium exceeds 104 percent of the total amount of general revenue |
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that was received during the preceding state fiscal biennium; and |
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(2) periodically deposit to the credit of the fund the |
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general revenue allocated under Subdivision (1), with the final |
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deposit for that biennium to be made not later than the 90th day of |
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the next state fiscal biennium. |
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(f) Notwithstanding any other provision of this section, |
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money deposited to the credit of the fund under Subsection (e) may |
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be appropriated only to the Texas Education Agency for use in |
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providing property tax relief through reduction of the state |
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compression percentage, as defined by Section 48.255, Education |
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Code. |
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SECTION 2. This Act applies beginning with the state fiscal |
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biennium beginning September 1, 2023. |
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SECTION 3. This Act takes effect September 1, 2023. |