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A BILL TO BE ENTITLED
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AN ACT
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relating to supporting public education funding through an increase |
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in the state sales and use tax rate and requiring a reduction in |
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school district maintenance and operation ad valorem taxes; making |
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an appropriation; increasing the rate of a tax. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 151.051(b), Tax Code, is amended to read |
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as follows: |
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(b) The sales tax rate is 7.25 [6-1/4] percent of the sales |
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price of the taxable item sold. |
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SECTION 2. Subchapter M, Chapter 151, Tax Code, is amended |
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by adding Section 151.803 to read as follows: |
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Sec. 151.803. ALLOCATION OF CERTAIN REVENUE TO SCHOOL |
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DISTRICT PROPERTY TAX REDUCTION. Notwithstanding Section 151.801, |
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the comptroller shall deposit an amount of revenue equal to the |
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proceeds derived from the collection of taxes imposed by this |
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chapter attributable to the portion of the tax rate in excess of |
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6.25 percent of the sales price of the taxable item sold to the |
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credit of an account in the general revenue fund. Money credited to |
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the account may be appropriated only to the Texas Education Agency |
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for use by the commissioner of education to provide property tax |
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relief by reducing the state compression percentage under Section |
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42.2516, Education Code. |
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SECTION 3. For the state fiscal year beginning September 1, |
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2018, all money credited to the account created under Section |
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151.803, Tax Code, as added by this Act, preceding or during that |
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year is appropriated from that account to the Texas Education |
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Agency to be used by the commissioner of education to reduce the |
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state compression percentage, as defined by Section 42.2516(a), |
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Education Code, to the lowest percentage possible for the 2018-2019 |
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school year. |
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SECTION 4. The change in law made by this Act does not |
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affect taxes imposed before the effective date of this Act, and the |
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law in effect before that date is continued in effect for purposes |
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of the liability for and collection of those taxes. |
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SECTION 5. This Act takes effect January 1, 2018. |