TITLE: Relating to treatment under the public school finance system of school district revenue resulting from reduction or elimination of an optional homestead exemption.

SUMMARY: Relating to treatment under the public school finance system of school district revenue resulting from reduction or elimination of an optional homestead exemption.

FULL TEXT:
AN ACT relating to treatment under the public school finance system of school district revenue resulting from reduction or elimination of an optional homestead exemption. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Section 42.008, Education Code, is amended by adding Subsection (b-1) to read as follows: (b-1) Revenue to which a school district is entitled as a result of the reduction or elimination on or after January 1, 2011, of an exemption under Section 11.13(n), Tax Code, that was in effect before that date is not included for purposes of determining the limitation imposed by this section. SECTION 2. This Act takes effect immediately if it receives a vote of two-thirds of all the members elected to each house, as provided by Section 39, Article III, Texas Constitution.