Bill Text: TX HB468 | 2021-2022 | 87th Legislature | Introduced

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Bill Title: Relating to the authority of certain municipalities to designate an area as a homestead preservation district and reinvestment zone and the use of tax increment revenue in that area.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2021-02-25 - Referred to Urban Affairs [HB468 Detail]

Download: Texas-2021-HB468-Introduced.html

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87R2274 JAM-D
By: González of Dallas H.B. No. 468

A BILL TO BE ENTITLED
AN ACT
relating to the authority of certain municipalities to designate an
area as a homestead preservation district and reinvestment zone and
the use of tax increment revenue in that area.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 373A.052(b), Local Government Code, is
amended to read as follows:
(b) To be designated as a district within a municipality
described by Section 373A.003(b) under this subchapter, an area
must be composed of census tracts forming a spatially compact area
[contiguous to a central business district and] with:
(1) fewer than 75,000 residents; and
(2) a median family income that is less than 70 percent
of the area median family income, adjusted for household size, as
determined annually by the United States Department of Housing and
Urban Development [$30,000 according to the last decennial census;
and
[(3) an overall poverty rate that is at least two times
the poverty rate for the entire municipality].
SECTION 2. Section 373A.1541, Local Government Code, is
amended to read as follows:
Sec. 373A.1541. TAX INCREMENT FINANCING AND ABATEMENT. (a)
Designation of an area as a homestead preservation reinvestment
zone is also designation of the area as a reinvestment zone for tax
increment financing under Chapter 311, Tax Code.
(b) Notwithstanding Section 311.014(d), Tax Code, or any
other law, and subject to any agreement with bondholders, revenue
in a tax increment fund other than a fund established under this
subchapter may be used for projects under this subchapter if:
(1) the revenue was collected with respect to:
(A) a reinvestment zone that was designated under
other law before September 1, 2021; and
(B) an area designated as a homestead
preservation reinvestment zone under this subchapter; and
(2) all project costs, all tax increment bonds or
notes issued for the reinvestment zone for which the revenue was
collected, and any other obligations incurred for that zone have
been paid.
SECTION 3. This Act takes effect September 1, 2021.