Bill Text: TX HB1626 | 2017-2018 | 85th Legislature | Introduced
Bill Title: Relating to the authority of a taxing unit other than a school district to enter into a tax abatement agreement with an owner of real property in a tax increment financing reinvestment zone.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2017-05-09 - Placed on General State Calendar [HB1626 Detail]
Download: Texas-2017-HB1626-Introduced.html
85R5532 SMT-F | ||
By: Gutierrez | H.B. No. 1626 |
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relating to the authority of a taxing unit other than a school | ||
district to enter into a tax abatement agreement with an owner of | ||
real property in a tax increment financing reinvestment zone. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 311.0125, Tax Code, is amended by | ||
amending Subsection (b) and adding Subsection (b-1) to read as | ||
follows: | ||
(b) Except as provided by Subsection (b-1), to [ |
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effective, an agreement to abate taxes on real property in a | ||
reinvestment zone must be approved by: | ||
(1) the board of directors of the reinvestment zone; | ||
and | ||
(2) the governing body of each taxing unit that | ||
imposes taxes on real property in the reinvestment zone and | ||
deposits or agrees to deposit any of its tax increment into the tax | ||
increment fund for the zone. | ||
(b-1) Subsection (b) does not apply to an agreement to abate | ||
taxes on real property in a reinvestment zone that is entered into | ||
by a taxing unit that does not deposit and has not agreed to deposit | ||
any of its tax increment into the tax increment fund for the zone. | ||
SECTION 2. The change in law made by this Act applies only | ||
to a tax abatement agreement entered into on or after the effective | ||
date of this Act. A tax abatement agreement entered into before the | ||
effective date of this Act is governed by the law in effect on the | ||
date the agreement was entered into, and the former law is continued | ||
in effect for that purpose. | ||
SECTION 3. This Act takes effect September 1, 2017. |