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TX HJR183
Joint Resolution
Status
3/11/2025
Primary Sponsor
Candy Noble
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AI Summary
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Establishes a new Property Tax Reduction Fund in the state treasury dedicated exclusively to reducing school district maintenance and operations property taxes
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Redirects one-quarter of oil and gas severance tax revenues currently split between the Economic Stabilization Fund (Rainy Day Fund) and State Highway Fund to the new Property Tax Reduction Fund, reducing the Economic Stabilization Fund allocation from one-half to one-quarter
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Requires the comptroller to transfer one-half of any unencumbered positive general revenue balance at the end of each biennium to the Property Tax Reduction Fund within 90 days of the new fiscal biennium
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Directs any general revenue that would have gone to the Economic Stabilization Fund but was blocked due to the fund reaching its cap to instead be transferred to the Property Tax Reduction Fund
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Constitutional amendment would be submitted to voters on November 4, 2025, with provisions taking effect September 1, 2027 if approved
Legislative Description
Proposing a constitutional amendment establishing the property tax reduction fund to reduce school district maintenance and operations ad valorem taxes and dedicating certain unencumbered general revenue and certain general revenue that would otherwise be transferred to the economic stabilization fund to that fund.
State Finances
Last Action
Referred to Appropriations
4/2/2025