89S10260 KJE-D     By: Vasut H.J.R. No. 33       A JOINT RESOLUTION   proposing a constitutional amendment providing for the creation of   the property tax reduction fund and dedicating certain surplus   state revenue to the fund.          BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Article VIII, Texas Constitution, is amended by   adding Section 7-f to read as follows:          Sec. 7-f.  (a)  In this section:                (1)  "Fund" means the property tax reduction fund.                (2)  "Sales tax revenue" means the revenue received by   this state from the imposition of state sales and use taxes on the   sale, storage, use, or other consumption in this state of taxable   items under Chapter 151, Tax Code, or its successor.          (b)  The property tax reduction fund is established as a   special fund outside the general revenue fund in the state   treasury. The comptroller of public accounts shall administer the   fund.          (c)  The fund consists of:                (1)  money transferred or deposited to the credit of   the fund; and                (2)  the interest and other earnings attributable to   the investment of money in the fund.          (d)  The comptroller of public accounts shall:                (1)  allocate for deposit to the credit of the fund   sales tax revenue in an amount equal to 60 percent of the amount by   which the amount of sales tax revenue received in a state fiscal   biennium exceeds the amount of that revenue that may be spent during   that biennium in accordance with the limit on the rate of growth of   appropriations for that biennium provided by general law; and                (2)  periodically deposit to the credit of the fund the   sales tax revenue allocated under Subdivision (1) of this   subsection, with the final deposit for that biennium to be made not   later than the 90th day of the following state fiscal biennium.          (e)  Subject to Subsection (f) of this section, money in the   fund may be used only to reduce school district maintenance and   operations ad valorem taxes.          (f)  If the amount of money in the fund exceeds the amount of   money required to eliminate school district maintenance and   operations ad valorem taxes for a state fiscal year, the   legislature may appropriate the surplus amount to reduce any other   state tax in any manner authorized by general law.          (g)  On July 1, 2026, the comptroller of public accounts   shall transfer to the fund an amount of general revenue equal to 90   percent of the amount of federal money received by this state under   the One Big Beautiful Bill Act (Pub. L. No. 119-21) for the purpose   of reimbursing this state for expenses related to border security.   This subsection expires August 1, 2026.          SECTION 2.  The following temporary provision is added to   the Texas Constitution:          TEMPORARY PROVISION. (a) This temporary provision applies   to the constitutional amendment proposed by the 89th Legislature,   1st Called Session, 2025, providing for the creation of the   property tax reduction fund and dedicating certain surplus state   revenue to the fund.          (b)  Section 7-f(d), Article VIII, of this constitution   takes effect beginning with the state fiscal biennium beginning   September 1, 2027.          (c)  This temporary provision expires September 1, 2028.          SECTION 3.  This proposed constitutional amendment shall be   submitted to the voters at an election to be held May 2, 2026. The   ballot shall be printed to permit voting for or against the   proposition: "The constitutional amendment providing for the   creation of the property tax reduction fund and dedicating certain   surplus state revenue to the fund."