TITLE: Relating to the value of commercial property used to determine the cost of an attendance credit for school districts required to equalize wealth.

SUMMARY: Relating to the value of commercial property used to determine the cost of an attendance credit for school districts required to equalize wealth.

FULL TEXT:
AN ACT relating to the value of commercial property used to determine the cost of an attendance credit for school districts required to equalize wealth. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Section 41.093, Education Code, is amended by amending Subsection (a) and adding Subsection (b-2) to read as follows: (a) Subject to Subsections [Subsection] (b-1) and (b-2),the cost of each credit is an amount equal to the greater of: (1) the amount of the district's maintenance and operations tax revenue per student in weighted average daily attendance for the school year for which the contract is executed; or (2) the amount of the statewide district average of maintenance and operations tax revenue per student in weighted average daily attendance for the school year preceding the school year for which the contract is executed. (b-2) The commissioner, in computing the amounts described by Subsections (a)(1) and (2) and determining the cost of an attendance credit, may include only the amount of maintenance and operations tax revenue derived from commercial property, as defined by commissioner rule, that results from the lesser of: (1) the taxable value of the property; or (2) the taxable value of the property on January 1, 2013. SECTION 2. This Act takes effect September 1, 2013.