TO: | Honorable Helen Giddings, Chair, House Committee on Business & Industry |
FROM: | John S. O'Brien, Director, Legislative Budget Board |
IN RE: | HB2277 by Chisum (Relating to delivery of certain unclaimed money to a rural scholarship fund. ), Committee Report 1st House, Substituted |
Fiscal Year | Probable Net Positive/(Negative) Impact to General Revenue Related Funds |
---|---|
2008 | ($800,000) |
2009 | ($800,000) |
2010 | ($800,000) |
2011 | ($800,000) |
2012 | ($800,000) |
Fiscal Year | Probable Revenue Gain/(Loss) from GENERAL REVENUE FUND 1 |
---|---|
2008 | ($800,000) |
2009 | ($800,000) |
2010 | ($800,000) |
2011 | ($800,000) |
2012 | ($800,000) |
The bill would amend Section 74 of the Property Code to raise the cap on the amount of money that could be transferred by all local telephone exchange companies to a rural scholarship fund to $800,000.
The bill would take effect September 1, 2007.
According to the Comptroller of Public Accounts, the bill increases the cap on amounts transferred to rural scholarship programs from $400,000 to $800,000 and, in doing so, lifts the corresponding cap on the amount that could be transferred to the urban scholarship programs as well. The Comptroller states that with the cap increases, all local telephone exchanges could increase scholarship money and no longer remit these unclaimed funds to the Comptroller for deposit to the General Revenue Fund.
Source Agencies: | 304 Comptroller of Public Accounts
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LBB Staff: | JOB, JRO, SD, EB
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