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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, Tax Code, is amended by |
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amending Subsection (k) to read as follows: |
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This subsection applies only toFor a municipality described |
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by Subsection (b)(2),. tThe term "qualified project" means only a |
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convention center facility or a venue described by Section |
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334.001(4)(A), Local Government Code, and any related |
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infrastructure. Commencement of any one qualified project |
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designated by the municipality in accordance with this Section |
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within the specified period described in Subsection (g) shall |
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satisfy the requirements of that subsection and permit the use of |
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project financing zone revenues on all designated qualified |
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projects. |
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SECTION 2. Section 351.1015, Tax Code, is amended by adding |
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Subsection (1) to read as follows: |
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(1) A municipality described by Subsection (b)(2), after |
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designation of a project financing zone under Subsection (a)(4) and |
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notification to the comptroller under Subsection (f), may, by |
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ordinance, designate additional qualified projects within a zone, |
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provided that any such additional qualified project shall: |
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(1) comply with the requirements of Subsection (k); |
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(2) with respect to an outer wall of the added qualified |
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project, be within 1,000 feet of the outer wall of an |
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already-designated qualified project; and |
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(3) not act to extend the duration or boundaries of the |
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established project financing zone or the period of time by which |
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the requirements of Subsection (g) are satisfied. |
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A municipality that adds a qualified project to a project |
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financing zone under this Subsection shall notify the comptroller |
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of such addition not later than the 30th day after the date the |
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municipality adopts the ordinance adding such qualified project. |
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Upon provision of such notice to the Comptroller, the added |
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qualified project shall constitute a qualified project for all |
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purposes of this Section except for establishing the boundaries and |
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duration of the project financing zone under Subsection (a)(4) and |
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for determining compliance with the requirements of Subsection (g). |
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SECTION 2. This Act takes effect September 1, 2025. |