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House Bill 2636 |
House Author: Frullo et al. |
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Effective: 9-1-13 |
Senate Sponsor: Duncan |
House Bill 2636 amends the Tax Code to authorize money in the tax increment fund for a reinvestment zone to be transferred to the tax increment fund for an adjacent zone under the following conditions: the taxing units that participate in the zone from which the money is to be transferred participate in the adjacent zone and vice versa; each participating taxing unit has agreed to deposit the same portion of its tax increment in the fund for each zone and has agreed to the transfer; and the holders of any tax increment bonds or notes issued for the zone from which the money is to be transferred also have agreed to the transfer.