By: Hinojosa H.B. No. 3672
A BILL TO BE ENTITLED
AN ACT
relating to adjustment for districts required to participate in
social security
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter E, Chapter
42, Education Code, is
amended by adding Section 42.2529 to read as follows:
Sec. 42.2529. For purposes of Chapters 41, 46, and this
chapter, a school district that is required to provide social
security coverage, as defined by Section 606.001, Government Code,
for district employees before January 1, 2017, shall have its
taxable wealth reduced by the percentage of the district's
contribution to social security.