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A BILL TO BE ENTITLED
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AN ACT
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relating to the authority of certain municipalities and local |
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government corporations to use certain tax revenue for certain |
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qualified projects. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 351.1015(a)(5), Tax Code, is amended to |
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read as follows: |
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(5) "Qualified project" means: |
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(A) a convention center facility or venue and any |
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related infrastructure; or |
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(B) a multipurpose arena or venue that includes a |
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livestock facility and is located within or adjacent to a |
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recognized cultural district, and any related infrastructure, that |
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is: |
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(i) located on land owned by a municipality |
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or by the owner of the venue; |
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(ii) partially financed by private |
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contributions that equal not less than 40 percent of the project |
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costs; and |
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(iii) related to the promotion of tourism |
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and the convention and hotel industry. |
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SECTION 2. Section 351.1015, Tax Code, is amended by |
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amending Subsection (b) and adding Subsection (j) to read as |
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follows: |
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(b) This section applies only to a qualified project located |
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in: |
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(1) a municipality with a population of at least |
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650,000 but less than 750,000 according to the most recent federal |
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decennial census; or |
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(2) a municipality that contains more than 70 percent |
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of the population of a county with a population of 1.5 million or |
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more. |
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(j) A local government corporation may act as a municipality |
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under this section and is considered to be a municipality for |
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purposes of this section. |
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SECTION 3. This Act takes effect September 1, 2023. |