Bill Text: TX HB358 | 2017 | 85th Legislature 1st Special Session | Introduced
Bill Title: Relating to supporting public education funding through an increase in the state sales and use tax rate and requiring a reduction in school district maintenance and operation ad valorem taxes; making an appropriation; increasing the rate of a tax.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2017-08-02 - Left pending in committee [HB358 Detail]
Download: Texas-2017-HB358-Introduced.html
| 85S11938 CJC-D | ||
| By: White | H.B. No. 358 | |
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| relating to supporting public education funding through an increase | ||
| in the state sales and use tax rate and requiring a reduction in | ||
| school district maintenance and operation ad valorem taxes; making | ||
| an appropriation; increasing the rate of a tax. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 151.051(b), Tax Code, is amended to read | ||
| as follows: | ||
| (b) The sales tax rate is 7.25 [ |
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| price of the taxable item sold. | ||
| SECTION 2. Subchapter M, Chapter 151, Tax Code, is amended | ||
| by adding Section 151.803 to read as follows: | ||
| Sec. 151.803. ALLOCATION OF CERTAIN REVENUE TO SCHOOL | ||
| DISTRICT PROPERTY TAX REDUCTION. Notwithstanding Section 151.801, | ||
| the comptroller shall deposit an amount of revenue equal to the | ||
| proceeds derived from the collection of taxes imposed by this | ||
| chapter attributable to the portion of the tax rate in excess of | ||
| 6.25 percent of the sales price of the taxable item sold to the | ||
| credit of an account in the general revenue fund. Money credited to | ||
| the account may be appropriated only to the Texas Education Agency | ||
| for use by the commissioner of education to provide property tax | ||
| relief by reducing the state compression percentage under Section | ||
| 42.2516, Education Code. | ||
| SECTION 3. For the state fiscal year beginning September 1, | ||
| 2018, all money credited to the account created under Section | ||
| 151.803, Tax Code, as added by this Act, preceding or during that | ||
| year is appropriated from that account to the Texas Education | ||
| Agency to be used by the commissioner of education to reduce the | ||
| state compression percentage, as defined by Section 42.2516(a), | ||
| Education Code, to the lowest percentage possible for the 2018-2019 | ||
| school year. | ||
| SECTION 4. The change in law made by this Act does not | ||
| affect taxes imposed before the effective date of this Act, and the | ||
| law in effect before that date is continued in effect for purposes | ||
| of the liability for and collection of those taxes. | ||
| SECTION 5. This Act takes effect January 1, 2018. | ||
