Texas 2023 - 88th Regular

Texas Senate Bill SJR41 Compare Versions

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1	1	2023S0063-1 01/25/23
2	2	By: Paxton S.J.R. No. 41
3	3
4	4
5	5	A JOINT RESOLUTION
6	6	proposing a constitutional amendment lowering the maximum
7	7	allowable amount of money in the economic stabilization fund and
8	8	dedicating certain general revenue to reducing school district
9	9	maintenance and operations ad valorem taxes.
10	10	BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:
11	11	SECTION 1. Section 49-g, Article III, Texas Constitution,
12	12	is amended by amending Subsections (g) and (h) and adding
13	13	Subsections (g-1) and (g-2) to read as follows:
14	14	(g) During each fiscal biennium, the amount in the economic
15	15	stabilization fund may not exceed an amount equal to seven [10]
16	16	percent of the total amount, excluding investment income, interest
17	17	income, and amounts borrowed from special funds, deposited in
18	18	general revenue during the preceding biennium.
19	19	(g-1) When the comptroller of public accounts acts to
20	20	prevent the amount in the economic stabilization fund from
21	21	exceeding the limit in effect for a biennium under Subsection (g) of
22	22	this section by reducing an amount transferred to the fund from
23	23	general revenue as provided by Subsection (b) or (c) of this section
24	24	or by crediting to general revenue interest that is due to the fund
25	25	as provided by Subsection (i) of this section, the comptroller
26	26	shall transfer to the credit of ad valorem tax relief an amount of
27	27	general revenue equal to the amount by which the balance of general
28	28	revenue is increased by the reduction of the transfer from general
29	29	revenue or the crediting of interest to general revenue.
30	30	(g-2) Money transferred to the credit of ad valorem tax
31	31	relief under Subsection (g-1) of this section may be appropriated
32	32	only for the purpose of reducing school district maintenance and
33	33	operations ad valorem taxes as provided by general law.
34	34	(h) In preparing an estimate of anticipated revenues for a
35	35	succeeding biennium as required by Section 49a, Article III,
36	36	[Section 49a,] of this constitution, the comptroller shall estimate
37	37	the amount of the transfers that will be made under Subsections (b),
38	38	(d), [and] (e), and (g-1) of this section. The comptroller shall
39	39	deduct that amount from the estimate of anticipated revenues as if
40	40	the transfers were made on August 31 of that fiscal year.
41	41	SECTION 2. The following temporary provision is added to
42	42	the Texas Constitution:
43	43	TEMPORARY PROVISION. (a) This temporary provision applies
44	44	to the constitutional amendment proposed by the 88th Legislature,
45	45	Regular Session, 2023, lowering the maximum allowable amount of
46	46	money in the economic stabilization fund and dedicating certain
47	47	general revenue to reducing school district maintenance and
48	48	operations ad valorem taxes.
49	49	(b) The amendments to Section 49-g, Article III, of this
50	50	constitution take effect January 1, 2024.
51	51	(c) This temporary provision expires January 1, 2025.
52	52	SECTION 3. This proposed constitutional amendment shall be
53	53	submitted to the voters at an election to be held November 7, 2023.
54	54	The ballot shall be printed to permit voting for or against the
55	55	proposition: "The constitutional amendment lowering the maximum
56	56	allowable amount of money in the economic stabilization fund and
57	57	dedicating certain general revenue to reducing school district
58	58	maintenance and operations ad valorem taxes."