The proposed joint resolution, H.J.R. No. 33, seeks to amend the Texas Constitution by establishing a Property Tax Reduction Fund. This fund will be created to specifically allocate certain surplus state revenue, particularly from sales tax, to reduce school district maintenance and operations ad valorem taxes. The fund will be administered by the comptroller of public accounts and will consist of money transferred or deposited into it, as well as any interest or earnings from investments. The comptroller is tasked with allocating 60% of any surplus sales tax revenue that exceeds the spending limit for the fiscal biennium to this fund.

Additionally, if the fund's balance exceeds the amount needed to eliminate school district taxes for a fiscal year, the legislature may use the surplus to reduce other state taxes. A temporary provision states that the relevant section of the amendment will take effect starting September 1, 2027, and will expire on September 1, 2028. The resolution mandates that the proposed amendment be presented to voters in an election scheduled for May 2, 2026, allowing them to vote on the creation of the Property Tax Reduction Fund and the allocation of surplus state revenue.