Bill Text: TX SJR41 | 2023-2024 | 88th Legislature | Introduced
Bill Title: 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.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2023-03-01 - Referred to Finance [SJR41 Detail]
Download: Texas-2023-SJR41-Introduced.html
| 2023S0063-1 01/25/23 | ||
| By: Paxton | S.J.R. No. 41 | |
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| 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 [ |
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| 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, | ||
| [ |
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| the amount of the transfers that will be made under Subsections (b), | ||
| (d), [ |
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| 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." | ||
