TO: | Honorable Steve Ogden, Chair, Senate Committee on Finance |
FROM: | John S. O'Brien, Director, Legislative Budget Board |
IN RE: | SB947 by Duncan (Relating to delivery of certain unclaimed money to a rural scholarship fund.), As Introduced |
Fiscal Year | Probable Net Positive/(Negative) Impact to General Revenue Related Funds |
---|---|
2008 | ($1,500,000) |
2009 | ($1,700,000) |
2010 | ($1,700,000) |
2011 | ($1,700,000) |
2012 | ($1,700,000) |
Fiscal Year | Probable Revenue Gain/(Loss) from GENERAL REVENUE FUND 1 |
---|---|
2008 | ($1,500,000) |
2009 | ($1,700,000) |
2010 | ($1,700,000) |
2011 | ($1,700,000) |
2012 | ($1,700,000) |
The bill would amend Section 74.3011(g) of the Property Code to remove the $400,000 cap on the amount of money that could be transferred by all local telephone exchange companies to a rural scholarship fund.
The bill would take effect September 1, 2007.
This fiscal note is based upon analyses provided by the Comptroller's Office.
The bill would lift the $400,000 cap on the amount that could be transferred to rural scholarship programs and, in doing so, also lift the corresponding cap on the amount that could be transferred to the urban scholarship programs in Section 74.3012(g) of the Property Code. By removing this cap, 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 0001.
Source Agencies: | 304 Comptroller of Public Accounts
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LBB Staff: | JOB, SD, CT
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