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House Bill 4661 |
House Author: Brown, Fred |
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Effective: 6-19-09 |
Senate Sponsor: Ogden |
House Bill 4661 amends the Tax Code to authorize the imposition of a hotel occupancy tax rate of up to 7.75 percent by a home-rule municipality that was originally chartered in or after 1938, is home to a major state university, and is located in a county bordered by the Brazos and Navasota Rivers. The bill requires the municipality to use all revenue derived from the application of the tax at a rate of more than seven percent for the construction of a convention center in the municipality, and prohibits the municipality from raising its rate above seven percent until it has executed a contract for construction of the convention center. The above provisions expire on the date the governing body of the municipality certifies that all debt relating to the convention center payable from the tax, including interest and any costs relating to the debt, has been paid in full or a deposit has been made and an escrow agreement in relation to the debt has been executed.