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.

HR 4610 amends federal tax law by changing a specific date in the Tax Reform Act of 1984 from October 9, 1969, to March 1, 1985. This adjustment aligns federal tax rules with the Texas Constitution, allowing the State of Texas to continue leveraging the Permanent University Fund (PUF) for public university funding without triggering federal tax penalties. The PUF, which supports Texas public universities, has historically benefited from a special tax rule enabling its financial investments, and this bill maintains that benefit. The change takes effect upon the bill's enactment.