The bill, H.B. No. 3301, proposes the establishment of a permanent public school fund aimed at reducing school district maintenance and operations ad valorem taxes and providing funding for public school prekindergarten programs. It introduces Chapter 47A to the Education Code, defining the fund and outlining its structure. The fund will be a special account in the state treasury, separate from the general revenue fund, consisting of money appropriated by the legislature and the interest or earnings from investments made with the fund's money.

The bill specifies that the legislature may only appropriate the interest or earnings from the fund, which can be used to lower school district taxes or support prekindergarten programs. Additionally, it mandates that the comptroller deposit $10 million into the fund at the beginning of each state fiscal biennium and allows for investments in various financial instruments, including cryptocurrencies, corporate bonds, municipal bonds, and U.S. treasury bills. The act is set to take effect on September 1, 2025.

Statutes affected:
Introduced: ()