SRC-JGS S.J.R. 8 78(4) BILL ANALYSIS Senate Research Center S.J.R. 8 78S41492 DAK-DBy: Duncan Finance 5/10/2004 As Filed DIGEST AND PURPOSE S.J.R. 8 proposes a constitutional amendment authorizing a business tax on the income of individuals who benefit from personal liability limitations, and dedicating the revenue from the tax to fund public education. 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. Amends Article VIII, Texas Constitution, by adding Section 25, as follows: Sec. 25. (a) Authorizes the legislature to impose a business tax on an entity doing business in this state for: (1) the privilege of doing business in this state; and (2) the benefit of limitations on the personal liability of individuals who are owners, partners, shareholders, officers, or directors of the entity. (b) Requires all net revenue remaining after payment of all refunds and expenses of collection from the tax to be used only for the support of public education. (c) Provides that Section 24 (Personal Income Tax; Dedication of Proceeds) of this article does not apply to a tax imposed under this section. SECTION 2. Requires this proposed constitutional amendment to be submitted to the voters at an election to be held November 2, 2004. Requires the ballot to be printed to permit voting for or against a stated proposition.