This text of Texas § 29.361 (AMOUNT OF TRANSFER TO PARTICIPANT ACCOUNT; FINANCING.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Sec. 29.361. AMOUNT OF TRANSFER TO PARTICIPANT ACCOUNT; FINANCING.
(a)Regardless of the deadline by which the participating parent applies for enrollment in the program under Section 29.356 (a) and except as provided by Subsections (b), (b-1), and (d) of this section, a certified educational assistance organization shall transfer in accordance with Section 29.362 each school year that a participating child participates in the program money distributed to the organization from money available under Section 29.353 to the child's account to be held in trust for the benefit of the child in an amount equal to:
(1)85 percent of the estimated statewide average amount of state and local funding per student in average daily attendance for the most recent school year for which that information is
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Sec. 29.361. AMOUNT OF TRANSFER TO PARTICIPANT ACCOUNT; FINANCING. (a) Regardless of the deadline by which the participating parent applies for enrollment in the program under Section 29.356 (a) and except as provided by Subsections (b), (b-1), and (d) of this section, a certified educational assistance organization shall transfer in accordance with Section 29.362 each school year that a participating child participates in the program money distributed to the organization from money available under Section 29.353 to the child's account to be held in trust for the benefit of the child in an amount equal to:
(1) 85 percent of the estimated statewide average amount of state and local funding per student in average daily attendance for the most recent school year for which that information is available, as provided by the agency; or
(2) for a child with a disability, subject to Subsection (b), the sum of the amount described by Subdivision (1) and the amount the school district in which the child would otherwise be enrolled would be entitled to receive for the child calculated based on the child's individualized education program, as determined in accordance with Section 29.3615 , and the provisions of Chapter 48 that provide funding based on a child's participation in a school district's special education program under Subchapter A applicable for the school year preceding the school year in which the child initially enrolls in the program.
(b) The amount transferred to the account of a child with a disability for a school year under Subsection (a)(2) may not exceed $30,000.
(b-1) Notwithstanding Subsection (a), a participating child who is a home-schooled student, as defined by Section 29.916 (a)(1), may not receive transfers under the program to the child's account under Subsection (a) in an amount that exceeds $2,000 for a school year.
(c) In determining the estimated statewide average amount of state and local funding per student in average daily attendance for a school year under Subsection (a), the commissioner shall:
(1) make the determination not later than January 15 preceding the school year; and
(2) include projected state and local funding under Chapters 48 and 49 and the amount the state is required to contribute to the Teacher Retirement System of Texas under Section 825.404 , Government Code, for the school year.
(d) If a child enrolls in the program after the beginning of a school year, the comptroller shall prorate the amount transferred to the participating child's account under Subsection (a) based on the date the child enrolls in the program.
(e) Any money remaining in a participating child's account at the end of a fiscal year is carried forward to the next fiscal year unless another provision of this subchapter mandates the closure of the account.
(f) A participating parent may make payments for the expenses of educational programs, services, and products not covered by money in the account of the parent's child.
(g) A transfer under Subsection (a) may not be funded using federal money or money from the available school fund or the state instructional materials and technology fund.
(h) Transfers to a participating child's account under this subchapter do not constitute taxable income to a participating parent, unless otherwise provided by federal or another state's law.
(i) On dates consistent with satisfying the application deadlines established under Section 29.356 (a), the agency shall calculate and report to the comptroller the amount specified under Subsection (a) for each participating child.