87S10432 KJE-D
 
  By: Oliverson H.B. No. 122
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the allocation and deposit of certain surplus state
  revenue to the property tax relief fund for use in reducing school
  district maintenance and operations ad valorem taxes.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 403.109, Government Code, is amended by
  adding Subsections (e) and (f) to read as follows:
         (e)  The comptroller shall:
               (1)  allocate for deposit to the credit of the fund
  general revenue in an amount equal to 90 percent of the amount by
  which the amount of general revenue received in a state fiscal
  biennium exceeds 104 percent of the total amount of general revenue
  that was received during the preceding state fiscal biennium; and
               (2)  periodically deposit to the credit of the fund the
  general revenue allocated under Subdivision (1), with the final
  deposit for that biennium to be made not later than the 90th day of
  the next state fiscal biennium.
         (f)  Notwithstanding any other provision of this section,
  money deposited to the credit of the fund under Subsection (e) may
  be appropriated only to the Texas Education Agency for use in
  providing property tax relief through reduction of the state
  compression percentage, as defined by Section 48.255, Education
  Code.
         SECTION 2.  This Act applies beginning with the state fiscal
  biennium beginning September 1, 2023.
         SECTION 3.  This Act takes effect on the 91st day after the
  last day of the legislative session.