HR 32
Keeping Texas School Construction Costs Down Act of 2023
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Bill overview
This bill, the Keeping Texas School Construction Costs Down Act of 2023, modifies tax laws to create a ‘safe harbor’ for certain trust funds used by states to finance school construction. Specifically, it exempts these funds from being considered ‘investment property’ for tax purposes, as long as they primarily hold non-financial assets like land or property and are dedicated to supporting essential government functions, particularly elementary and secondary schools. This aims to reduce the cost of building new schools in Texas by preventing these funds from being subject to certain tax regulations.
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