| |
| |
|
|
A JOINT RESOLUTION
|
|
|
proposing a constitutional amendment lowering the maximum |
|
|
allowable amount of money in the economic stabilization fund and |
|
|
dedicating certain general revenue to reducing school district |
|
|
maintenance and operations ad valorem taxes. |
|
|
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 49-g, Article III, Texas Constitution, |
|
|
is amended by amending Subsections (g) and (h) and adding |
|
|
Subsections (g-1) and (g-2) to read as follows: |
|
|
(g) During each fiscal biennium, the amount in the economic |
|
|
stabilization fund may not exceed an amount equal to seven [10] |
|
|
percent of the total amount, excluding investment income, interest |
|
|
income, and amounts borrowed from special funds, deposited in |
|
|
general revenue during the preceding biennium. |
|
|
(g-1) When the comptroller of public accounts acts to |
|
|
prevent the amount in the economic stabilization fund from |
|
|
exceeding the limit in effect for a biennium under Subsection (g) of |
|
|
this section by reducing an amount transferred to the fund from |
|
|
general revenue as provided by Subsection (b) or (c) of this section |
|
|
or by crediting to general revenue interest that is due to the fund |
|
|
as provided by Subsection (i) of this section, the comptroller |
|
|
shall transfer to the credit of ad valorem tax relief an amount of |
|
|
general revenue equal to the amount by which the balance of general |
|
|
revenue is increased by the reduction of the transfer from general |
|
|
revenue or the crediting of interest to general revenue. |
|
|
(g-2) Money transferred to the credit of ad valorem tax |
|
|
relief under Subsection (g-1) of this section may be appropriated |
|
|
only for the purpose of reducing school district maintenance and |
|
|
operations ad valorem taxes as provided by general law. |
|
|
(h) In preparing an estimate of anticipated revenues for a |
|
|
succeeding biennium as required by Section 49a, Article III, |
|
|
[Section 49a,] of this constitution, the comptroller shall estimate |
|
|
the amount of the transfers that will be made under Subsections (b), |
|
|
(d), [and] (e), and (g-1) of this section. The comptroller shall |
|
|
deduct that amount from the estimate of anticipated revenues as if |
|
|
the transfers were made on August 31 of that fiscal year. |
|
|
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 88th Legislature, |
|
|
Regular Session, 2023, lowering the maximum allowable amount of |
|
|
money in the economic stabilization fund and dedicating certain |
|
|
general revenue to reducing school district maintenance and |
|
|
operations ad valorem taxes. |
|
|
(b) The amendments to Section 49-g, Article III, of this |
|
|
constitution take effect January 1, 2024. |
|
|
(c) This temporary provision expires January 1, 2025. |
|
|
SECTION 3. This proposed constitutional amendment shall be |
|
|
submitted to the voters at an election to be held November 7, 2023. |
|
|
The ballot shall be printed to permit voting for or against the |
|
|
proposition: "The constitutional amendment lowering the maximum |
|
|
allowable amount of money in the economic stabilization fund and |
|
|
dedicating certain general revenue to reducing school district |
|
|
maintenance and operations ad valorem taxes." |