HJR 126 proposes a constitutional amendment to allocate certain general revenue funds, which would otherwise be transferred to the Economic Stabilization Fund, to the Texas Water Fund. Specifically, the amendment requires the comptroller to transfer up to $1 billion annually, adjusted for inflation or a maximum of 2%, to the Texas Water Fund when the Economic Stabilization Fund reaches its constitutional cap. The amendment also specifies the types of revenue and earnings that will contribute to the Texas Water Fund. If passed by the legislature, the proposed amendment will be presented to voters on November 4, 2025, and would take effect on January 1, 2026​.