2023S0063-1 01/25/23
By: Paxton S.J.R. No. 41
A JOINT RESOLUTION
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 [10]
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,
[Section 49a,] of this constitution, the comptroller shall estimate
the amount of the transfers that will be made under Subsections (b),
(d), [and] (e), and (g-1) of this section. The comptroller shall
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."