HB 1553 aims to reduce school district maintenance and operations (M&O) ad valorem taxes by utilizing surplus state revenue. It directs the commissioner of education to lower the state compression percentage (SCP) based on available funds, potentially reducing it to zero. If the SCP reaches zero, school districts would no longer impose a Tier 1 M&O tax, and state funding would cover the revenue as though the districts maintained their maximum compressed tax rate. The bill also establishes provisions for depositing surplus general revenue into a property tax relief fund, prioritizing its use for reducing the SCP and allowing for other appropriations if surplus funds remain​.