HB 3301
AN ACT relating to establishing the permanent public school fund to reduce
89th Regular Session
Jan 14, 2025 - Jun 2, 2025 • Session ended
Awaiting Committee Assignment
Bill filed, pending referral to House committee
Committee
Not yet assigned
Fiscal Note
Not available
What This Bill Does
Establishes a new Permanent Public School Fund in the state treasury, which will receive $10 million at the start of each state fiscal biennium. The fund's earnings can only be used for two specific purposes: reducing school district maintenance and operations property taxes and providing funding for prekindergarten programs. The legislature is restricted from spending the principal of the fund, ensuring long-term financial stability for public education initiatives.
Subject Areas
Bill Text
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 (1) money appropriated by the legislature for deposit (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 (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 (4) treasury bills issued by the United States SECTION 2. This Act takes effect September 1, 2025.
Bill History
Bill filed: AN ACT relating to establishing the permanent public school fund to reduce
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