Enrolled Bill Summary

House Bill 1595	House Author:  Bonnen et al.
Effective:  See below	Senate Sponsor:  Huffman et al.

            House Bill 1595 amends the Education Code to redesignate the National Research University Fund as the Texas University Fund (TUF), which has as its purpose providing funding to enable certain general academic teaching institutions to achieve national prominence as major research universities and to drive the state economy. The bill modifies the fund's structure so that eligible institutions will receive a base funding amount dependent on the amount of federal and private research expenditures and then supplemental research performance funding tied to both research expenditures and the number of research doctoral degrees awarded. Among other provisions, the bill provides for the administration and investment of the TUF by the Texas Treasury Safekeeping Trust Company, conditions of eligibility to receive funding from the TUF, authorized uses of the TUF, and required reporting of TUF distribution amounts.

House Bill 1595 redesignates the Core Research Support Fund as the National Research Support Fund and revises the criteria that an institution must satisfy to qualify for a distribution from that fund. The bill requires money in the National Research Support Fund or the Texas Comprehensive Research Fund to be appropriated in the same manner that research performance funding is appropriated from the TUF.

House Bill 1595 takes effect January 1, 2024, contingent on voter approval of the constitutional amendment proposed by House Joint Resolution 3.