H.B. No. 124 proposes the repeal of the Texas Jobs, Energy, Technology, and Innovation Act, specifically targeting Subchapter T of Chapter 403 in the Government Code, which was added by H.B. 5 during the 88th Legislature. The bill includes several amendments to the Education Code and Tax Code, primarily to update references to the repealed subchapter and to clarify the definitions and calculations related to taxable property values in school districts. Notably, the bill retains provisions for agreements limiting taxable property values that were established under the now-repealed subchapter, ensuring that these agreements remain in effect as per the previous law.

Additionally, the bill mandates that any funds previously allocated to the Texas Jobs, Energy, Technology, and Innovation Act be redirected to the Texas Education Agency starting September 1, 2025, with the aim of reducing the state compression percentage under Section 48.255 of the Education Code. The act is set to take effect immediately upon receiving a two-thirds majority vote from both houses of the legislature; otherwise, it will become effective 91 days after the legislative session concludes.

Statutes affected:
Introduced: Education Code 48.2551, Education Code 48.256, Government Code 2303.507, Tax Code 23.03, Tax Code 26.012, Tax Code 171.602, Tax Code 312.0025 (Education Code 48, Tax Code 171, Tax Code 312, Tax Code 23, Tax Code 26, Government Code 2303)