H.B. No. 264 proposes the dedication of certain surplus state revenue specifically for ad valorem tax relief. The bill amends the heading of Subchapter G, Chapter 403 of the Government Code to include "AND REVENUE DEDICATIONS." It introduces a new section, 403.108, which mandates that within 90 days after the end of each state fiscal biennium, the comptroller must deposit into a designated account in the general revenue fund an amount equal to half of the surplus revenue that exceeds the comptroller's biennial revenue estimate for that biennium.

Furthermore, the bill stipulates that the funds in this account can only be appropriated by the legislature for the purpose of providing ad valorem tax relief. The provisions of this act will take effect on September 1, 2025, and will apply to the state fiscal biennium starting September 1, 2027.

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