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