SRC-MKV S.B. 20 77(R) BILL ANALYSIS Senate Research Center S.B. 20 77R741 ESH-DBy: Shapiro Education 2/26/2001 As Filed DIGEST AND PURPOSE Currently, under the omnibus finance law, one-half of the optional homestead fund exemption is allowed to be subtracted from the market value of a residence when calculating taxable wealth and the commissioner of education has the discretion to decide whether or not to fund this provision. S.B. 20 permanently funds the optional homestead provision, thus ensuring that taxpayers continue to benefit from this provision as it was originally intended. RULEMAKING AUTHORITY This bill does not expressly grant any additional rulemaking authority to a state officer, institution, or agency. SECTION BY SECTION ANALYSIS SECTION 1. Repealer: Section 42.2522 (Adjustment for Optional Homestead Exemption), Education Code. Repealer: Section 403.302(j) (Determination of School District Property Values), Government Code. SECTION 2. Amends Section 46.034(d), Education Code, to authorize the commissioner of education, to the extent funds are available under Chapter 42 or this chapter in excess of the amount to which school districts are entitled for a school year, to provide assistance to a school district that would be entitled to the assistance except for the limit on the existing debt tax rate under Subsection (a). Makes a conforming change. SECTION 3. Effective date: September 1, 2001.