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House Bill 1470 |
House Author: Eissler et al. |
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Effective: See below |
Senate Sponsor: Seliger |
House Bill 1470 amends the Texas Economic Development Act, in the Tax Code, to continue until December 31, 2011, the provisions of the Act that are due to expire December 31, 2007. The bill modifies the evaluation procedure for an application by a property owner to a school district for a limitation on appraised value for purposes of ad valorem taxation. The duty to provide an economic impact evaluation on an application is transferred from the governing body of a school district to the comptroller of public accounts, who is required to conduct the evaluation or contract with a third party to conduct the evaluation. The bill provides that a methodology to allow comparisons of economic impact for different schedules of the addition of qualified investment or qualified property may be developed as part of the economic impact evaluation. The comptroller is authorized to collect a fee sufficient to cover the costs of providing the evaluation. As part of the evaluation, the Texas Education Agency must determine the effect that the applicant's proposal will have on the number or size of the school district's instructional facilities and submit the determination to the comptroller. The bill specifies the criteria on which the comptroller's recommendation relating to an application must be based. The bill allows the governing board of the school district to exceed the timeframe for approval or disapproval of an application if the economic impact evaluation has not been timely received. The governing board may waive certain job creation requirements if particular conditions are met.
House Bill 1470 changes the time period over which certain previously uncredited tax credits given by the governing body of a school district to qualifying persons may be prorated to three years, rather than one year, from the date eligibility for an appraisal limitation expires. All provisions of House Bill 1470 relating to the procedure for approving or disapproving an application for a limitation on appraised value, except the provision relating to the waiver of job creation requirements, take effect December 31, 2007; all other provisions take effect June 15, 2007.