80R2134 KLA-D

By: Williams S.J.R. No. 55

A JOINT RESOLUTION

proposing a constitutional amendment dedicating certain amounts of state franchise tax revenue to reducing school district maintenance and operations tax rates.

BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:

SECTION 1. Section 3, Article VII, Texas Constitution, is amended by adding Subsection (f) to read as follows:

(f) The amount of revenue collected from the state franchise tax in a state fiscal year that exceeds the amount the comptroller of public accounts estimates would have been collected in that state fiscal year from the state franchise tax as it existed on August 31, 2007, if the tax in existence on that date had been in effect for that state fiscal year, may be used in the manner provided by the legislature only to reduce the rates of ad valorem maintenance and operations taxes levied for the support of primary and secondary public education.

SECTION 2. The following temporary provision is added to the Texas Constitution:

TEMPORARY PROVISION. (a) This temporary provision applies to the constitutional amendment proposed by the 80th Legislature, Regular Session, 2007, dedicating certain amounts of state franchise tax revenue to reducing the rates of ad valorem maintenance and operations taxes levied for the support of primary and secondary education.

(b) The amendment to Section 3, Article VII, of this Constitution takes effect January 1, 2008, and applies only to state franchise tax revenue collected on or after that date.

SECTION 3. This proposed constitutional amendment shall be submitted to the voters at an election to be held November 6, 2007. The ballot for the election shall be printed to permit voting for or against the proposition: "The constitutional amendment dedicating certain amounts of revenue from state franchise taxes to reducing school district maintenance and operations tax rates."