Bill Text: TX HB2407 | 2019-2020 | 86th Legislature | Introduced
Bill Title: Relating to the authority of a municipality to pledge certain tax revenue for the payment of obligations related to hotel projects.
Spectrum: Partisan Bill (Republican 3-0)
Status: (Introduced - Dead) 2019-04-10 - Left pending in committee [HB2407 Detail]
Download: Texas-2019-HB2407-Introduced.html
86R11370 CJC-F | ||
By: Krause | H.B. No. 2407 |
|
||
|
||
relating to the authority of a municipality to pledge certain tax | ||
revenue for the payment of obligations related to hotel projects. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 351.102, Tax Code, is amended by adding | ||
Subsection (c-2) to read as follows: | ||
(c-2) A municipality to which this subsection applies is | ||
eligible to receive all funds from a hotel project described by | ||
Subsection (b) that an owner of a project may receive under Section | ||
151.429(h) of this code or Section 2303.5055, Government Code, and | ||
all tax revenue collected under Chapter 183 by or from all | ||
permittees at the hotel project, excluding revenue disbursed by the | ||
comptroller under Section 183.051(b). The municipality may pledge | ||
those funds for the payment of bonds or other obligations issued or | ||
incurred to acquire, lease, construct, improve, enlarge, and equip | ||
the hotel project. Notwithstanding any other law, the municipality | ||
is entitled to receive the funds for a period of 30 years beginning | ||
on the date the hotel project is open for initial occupancy. The | ||
comptroller shall deposit the funds in a separate suspense account | ||
of the municipality outside the state treasury. The comptroller | ||
may make a rebate, refund, or payment authorized under this | ||
subsection without the necessity of an appropriation. The | ||
comptroller shall rebate, refund, or pay to the municipality the | ||
funds to which the municipality is entitled under this subsection | ||
at least monthly. This subsection applies only to a municipality: | ||
(1) that is an eligible central municipality under | ||
Section 351.001(7)(A) with a population of less than 400,000; and | ||
(2) in which two professional sports stadiums are | ||
located, each with a seating capacity of at least 40,000 people. | ||
SECTION 2. This Act takes effect immediately if it receives | ||
a vote of two-thirds of all the members elected to each house, as | ||
provided by Section 39, Article III, Texas Constitution. If this | ||
Act does not receive the vote necessary for immediate effect, this | ||
Act takes effect September 1, 2019. |