To conform Federal tax law with the Texas Constitution to allow for the continued benefit to the fullest extent possible from the financial leverage of the Permanent University Fund to the State of Texas.

This bill amends a federal tax rule to align with Texas law, ensuring the Permanent University Fund (PUF) can maintain its existing financial benefits. Specifically, it changes a key date in federal tax law from October 9, 1969, to March 1, 1985, resolving a conflict that threatened the fund’s tax advantages. The PUF, which supports Texas public universities, directly benefits from this correction to continue leveraging its financial resources. The change is technical, adjusting a date in existing law without altering the fund’s operations or funding structure.