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HB 104

Relating to the creation of the Texas future fund and the Texas future fund investment review board and to the permissible uses of money in the Texas future fund.

89th Legislature (2025) Introduced by Greg Bonnen and 1 co-sponsor

HB 104 creates a Texas Future Fund with oversight board to invest state resources long-term for strategic priorities, allocating capital away from annual budgets.

Committee report printed and distributed
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Bill Summary · HB 104

Legislative bill overview

HB 104 establishes the Texas Future Fund, a new investment vehicle designed to grow state resources for long-term economic development and strategic priorities. The bill also creates an Investment Review Board to oversee fund management and determine permissible uses of the accumulated money.

Why is this important

This legislation represents a significant commitment to setting aside state capital for future generations and long-term projects that may not fit traditional annual budget cycles. The structure and investment strategy chosen will influence Texas's ability to fund infrastructure, education, technology, or other strategic initiatives for decades.

Potential points of contention

  • Fund capitalization: How much state money will be allocated initially, and whether this diverts resources from current pressing needs like education, healthcare, or infrastructure
  • Investment strategy and oversight: Who controls investment decisions, what risk tolerance is acceptable, and whether the Review Board has adequate expertise and accountability
  • Permissible uses definition: Whether "permissible uses" are narrowly restricted or broadly flexible, and whether future legislatures can easily redirect or raid the fund for immediate needs

Compiled from official sources — confirm details with the bill’s official record.

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