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Senate Bill 1105 |
Senate Author: Duncan |
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Effective: 5-23-09 |
House Sponsor: Jones |
Senate Bill 1105 amends the Tax Code to authorize a municipality that has a population of 195,000 or more, is the county seat of a county that has a population of 245,000 or less, and has adopted an ordinance creating a reinvestment zone under the Tax Increment Financing Act, to adopt a subsequent ordinance designating a later termination date for the zone than was originally established, but not later than the 20th anniversary of the original termination date. If a municipality extends the termination date, the reinvestment zone terminates on the earlier of the termination date designated in the new ordinance or the date on which all project costs, tax increment bonds and interest on those bonds, and other obligations have been paid in full.