| 1 | 1 | | 89R10923 KJE-D |
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| 2 | 2 | | By: Reynolds H.B. No. 3301 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | |
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| 6 | 6 | | |
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| 7 | 7 | | A BILL TO BE ENTITLED |
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| 8 | 8 | | AN ACT |
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| 9 | 9 | | relating to establishing the permanent public school fund to reduce |
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| 10 | 10 | | school district maintenance and operations ad valorem taxes and |
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| 11 | 11 | | provide funding for public school prekindergarten programs. |
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| 12 | 12 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 13 | 13 | | SECTION 1. Subtitle I, Title 2, Education Code, is amended |
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| 14 | 14 | | by adding Chapter 47A to read as follows: |
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| 15 | 15 | | CHAPTER 47A. PERMANENT PUBLIC SCHOOL FUND |
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| 16 | 16 | | Sec. 47A.001. DEFINITION. In this chapter, "fund" means |
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| 17 | 17 | | the permanent public school fund. |
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| 18 | 18 | | Sec. 47A.002. FUND ESTABLISHED. (a) The permanent public |
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| 19 | 19 | | school fund is a special fund in the state treasury outside the |
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| 20 | 20 | | general revenue fund. |
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| 21 | 21 | | (b) The fund consists of: |
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| 22 | 22 | | (1) money appropriated by the legislature for deposit |
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| 23 | 23 | | to the credit of the fund; and |
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| 24 | 24 | | (2) interest or other earnings attributable to the |
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| 25 | 25 | | investment of money in the fund. |
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| 26 | 26 | | Sec. 47A.003. USES OF FUND. (a) The legislature may not |
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| 27 | 27 | | appropriate money from the fund other than the interest or other |
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| 28 | 28 | | earnings attributable to the investment of money in the fund. |
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| 29 | 29 | | (b) The interest or other earnings attributable to the |
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| 30 | 30 | | investment of money in the fund may be appropriated only to: |
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| 31 | 31 | | (1) reduce school district maintenance and operations |
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| 32 | 32 | | ad valorem taxes by reducing the state compression percentage under |
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| 33 | 33 | | Section 48.255; or |
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| 34 | 34 | | (2) provide funding for prekindergarten programs |
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| 35 | 35 | | under Subchapter E, Chapter 29. |
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| 36 | 36 | | Sec. 47A.004. DEPOSIT OF MONEY. Not later than the first |
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| 37 | 37 | | day of each state fiscal biennium, the comptroller shall deposit |
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| 38 | 38 | | $10 million to the credit of the fund. |
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| 39 | 39 | | Sec. 47A.005. INVESTMENT OF FUND. Notwithstanding Section |
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| 40 | 40 | | 404.024(b), Government Code, the comptroller shall invest money in |
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| 41 | 41 | | the fund in: |
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| 42 | 42 | | (1) cryptocurrencies; |
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| 43 | 43 | | (2) corporate bonds; |
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| 44 | 44 | | (3) municipal bonds; and |
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| 45 | 45 | | (4) treasury bills issued by the United States |
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| 46 | 46 | | government. |
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| 47 | 47 | | SECTION 2. This Act takes effect September 1, 2025. |
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